Key points
- The private placement comprises units at 23 cents per share, each unit made up of one share and one-half warrant.
- Each full warrant lets the holder buy an additional share at 33 cents within 18 months, subject to regulatory approval.
- By resolution dated July 5, 2001, the board extended the expiry of two million outstanding 30-cent share purchase warrants originally set to expire Aug. 3, 2001.
- The warrants are now extended to the earlier of Feb. 4, 2002, or the 45th day after any five-day period in which the weighted average share price exceeds 30 cents.
Afri-Can Marine Minerals has concluded private placement agreements totalling $420,000. The private placement comprises units priced at 23 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 33 cents over a period of 18 months. The placement is subject to regulatory approval. Proceeds from the private placement will be mainly used to further exploration programs in Namibia and for some overhead expenses.
Furthermore, the corporation’s board of directors has by resolution dated July 5, 2001, authorized the extension of the expiry date of the share purchase warrants (with an exercise price of 30 cents) set to expire on Aug. 3, 2001. At this date, two million share purchase warrants have not been exercised. The share purchase warrants have been extended until the earlier of:
Feb. 4, 2002; and
the 45th day following any five-day period during which the weighed average price of the shares of the corporation exceeds 30 cents.
This extension has been approved by the appropriate regulatory authorities.
