Key points
- The company concluded a private placement totalling $250,000 with arm’s-length investors, comprising 781,250 units at 32 cents per unit.
- Each unit consists of one share and one-half warrant, with each full warrant exercisable into one share at 42 cents for 18 months, subject to regulatory approval.
- Proceeds from the new placement will mainly fund further exploration programs in Namibia.
- The company also closed a previously announced private placement totalling $199,985, first reported by Stockwatch on Jan. 14, 2002, after receiving all regulatory approvals.
Afri-Can Marine Minerals has increased to 50 per cent its interest in the block J marine concession in Namibia.
Furthermore, the corporation has concluded another private placement agreement totalling $250,000 with arm’s-length investors.
The private placement comprises 781,250 units priced at 32 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 42 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.
Also, the corporation has received all the regulatory approvals and closed the private placement agreement previously announced in Stockwatch news on Jan. 14, 2002. The placement totalled $199,985.
