In addition to the placement of $2.5-million reported in Stockwatch on Aug. 18, 2003, Afri-Can Marine Minerals will proceed with another private placement agreement totalling $500,000.
This additional private placement will comprise a maximum of 2.5 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 the 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.
