Key points
- The private placement will comprise a maximum of 12.5 million units priced at 20 cents per unit.
- Each unit consists of one common share and one-half of one non-transferable warrant, with each full warrant exercisable at 30 cents per share for three years from closing.
- The placement is subject to regulatory approval.
- Proceeds will fund development of the corporation’s marine diamond concessions, with details of a sampling program to be released in the coming weeks.
Afri-Can Marine Minerals will proceed with private placement agreements totalling $2.5-million of which $2.3-million has already been committed.
The private placement will comprise a maximum of 12.5 million units priced at 20 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 30 cents for a period of three years from the date of closing. The placement is subject to regulatory approval.
Proceeds from the private placement will be used to further development of the corporation’s marine diamond concessions. Plans for a sampling program are currently being finalized and details of this program will be released in the coming weeks.
