Afri-Can Marine Minerals has received all regulatory approvals for the closing of private placement agreements previously announced in Stockwatch on Dec. 10, 2001, for gross proceeds of $532,450. The private placement comprises 2,315,000 units at a price of 23 cents per unit. Each unit consists of one common share and one-half of a warrant. Each whole warrant will entitle the holder to the right to acquire an additional common share at an exercise price of 33 cents over a period of 18 months.
Furthermore, Afri-Can has concluded another private placement agreement of 869,500 units at a price of 23 cents per unit for gross proceeds of $199,985. Each unit consists of one common share and one-half warrant. Each whole warrant will entitle the holder to the right to acquire an additional common share at an exercise price of 33 cents over a period of 18 months. The placement is subject to regulatory approval.
The proceeds from the private placements will be used to further exploration programs in Namibia and to increase the corporation’s interest to 50 per cent in the Woduna concession (block J) in Namibia.
