Afri-Can Marine Minerals Corporation has proceeded with the closing of a private placement agreement, subscribed by the management of the corporation, previously announced in Stockwatch on Dec. 2, 2003.
A total of one million units were issued at a price of 20 cents per unit for gross proceeds of $200,000. Each unit consists of one share and one-half 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. Securities issued in the placement are subject to a four-month hold period maturing May 19, 2004.
Proceeds from the private placements will be used to further the development of the corporation’s marine diamond concessions.
