Afri-Can Marine Minerals has proceeded with the closing of a private placement agreement previously reported in Stockwatch news on Aug. 18, 2003.
A total of two million units were issued at a price of 20 cents per unit for gross proceeds of $400,000. 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 on or prior to three years from the date of closing. The securities issued are subject to a withholding period maturing on Jan. 21, 2004. The balance of the private placement agreements reported in Stockwatch news on Aug. 18, 2003, was cancelled.
Furthermore, the corporation will proceed with a new private placement agreement totalling $200,000. The funds have already been deposited with the corporation and the placement will be closed upon receipt of the regulatory approval.
The private placement will comprise a maximum of one 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 on or prior to two years from the date of closing.
Proceeds from the private placements will be used to further the development of the corporation’s marine diamond concessions.
