Afri-Can Marine Minerals will proceed with private placement agreements totalling $2.5-million.
The private placement will consist of a maximum of 8,333,333 units priced at 30 cents per unit. Each unit consists of one share and one-half of one non-transferable warrant. Each full warrant will entitle the holder to purchase one common share at 40 cents on or prior to 18 months from the date of closing. The placement is subject to regulatory approval.
Afri-Can will file an annual information form prior to closing of the private placement. Common shares acquired under the private placement of units will be subject to a four-month hold period from the date of closing in all provinces other than Quebec.
Proceeds from the private placement will be mainly used to further exploration programs in Namibia and for working capital.
