Afri-Can Marine Minerals Corporation has proceeded with the closing of the private placement agreement previously announced in Stockwatch on Sept. 5, 2003.
A total of 2.5 million units were issued at a price of 20 cents per unit for gross proceeds of $500,000. 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. A total of 1,763,125 units include warrants maturing on or prior to three years from the date of closing and 736,875 units include warrants maturing on or prior to two years from the date of closing. The securities issued are subject to a withholding period maturing on Jan. 18, 2004.
Proceeds from the private placement will be used to further the development of the corporation’s marine diamond concessions.
