Afri-Can Marine Minerals has received regulatory approval in order to close a private placement agreement totalling $296,490.
The private placement comprises 1,411,857 units priced at 21 cents per share. Each unit consists of one share and one-half warrant. Each full warrant will entitle the bearer to acquire an additional share at 30 cents over a period of 18 months.
The placement combined with those recently announced now total $1,852,120.
Proceeds from the private placement will be used mainly for the geological sampling programs of the Woduna concession (Block J) and the Together Quando concession (Block B). The main goal of these programs is to determine the geology of each sampling site and consequently prove the presence of diamonds on the concessions. The programs will be delineated as soon as Marine & Coastal provides the final interpretation of the geophysical survey carried out on the Woduna concession (Block J).
