Key points
- The private placement totaled $750,000 and was previously announced on Sept. 30, 2004.
- A total of 7.5 million units were issued at 10 cents per unit, each consisting of one share and one-half of one non-transferable warrant.
- Each full warrant entitles the holder to purchase one common share at 15 cents until two years after the closing date.
- The shares and warrants comprising the units are subject to a hold period expiring March 12, 2005.
Afri-Can Marine Minerals Corp. has proceeded with the closing of private placement agreements, previously announced in Stockwatch Sept. 30, 2004. The placement totals $750,000.
A total of 7.5 million units were issued at a price of 10 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 15 cents on or prior to two years from the date of closing. The common shares and warrants comprising the units are subject to a hold period expiring on March 12, 2005.
Proceeds from the private placement will be used to reduce the working capital deficit of the corporation and further the development of the corporation.
