Afri-Can Marine Minerals Corp. has received the approval from the TSX Venture Exchange enabling it to proceed with the closing of the private placement reported in Stockwatch on June 13, 2006. The placement is for a total amount of $1,500,070, as previously reported.
Pierre Leveille, president and chief executive officer of Afri-Can, stated: “We are very satisfied with the amount raised. We now have sufficient funds to proceed with the diamond exploration program planned on Block J.”
The private placement comprises 11,539,000 units priced at 13 cents per unit. Each unit consists of one common share and one-half of one non-transferable warrant. Each full warrant will entitle the holder to purchase one common share at 18 cents within two years from the date of closing. The common shares and warrants comprising the units are subject to a holding period of four months following the closing date. In connection with the placement, Jones, Gable & Company Ltd. will receive a fee of $10,920 and 84,000 broker warrants carrying the same terms as the warrants attached to the placement, as described above. The private placement is subject to final regulatory approval.
Proceeds from the private placement will be used for the sampling program in block J and to further the development of the company.
Afri-Can is proceeding with the offshore diamond exploration program on block J in Namibia as planned. Upon completion of this program, Afri-Can will be in a position to delineate diamond resources on block J in compliance with NI 43-101. The final schedule and details for the program will be announced shortly after closing of the private placement.
