Afri-Can Marine Minerals Corp. has closed the private placement previously announced in Stockwatch on June 13, 2006. The placement is for a total amount of $1,500,070. Bernard Tourillon, chief financial officer of Afri-Can, through his fully owned corporation, has subscribed in the placement for an amount of $212,940.
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 planned exploration program 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 $11,960 and an amount equal to 8 per cent in broker shares purchase warrants carrying the same terms as the warrants attached to the placement, as described above.
Proceeds from the private placement will be used for the sampling program in block J and to further the development of the corporation.
Afri-Can is proceeding with the diamond exploration program on block J in Namibia as planned. The vessel MV Mare Oceano, contracted to carry out the first part of the program, arrived at the port of Walvis Bay in Namibia on July 19 and is completing its preparation for the contracted work. During the first phase of the program, the vessel will carry out a geophysical survey on two defined deposits on block J and will extract core samples in order to properly define the bulk sampling targets. The second phase of the program will consist of a bulk-sampling program, which will serve to delineate diamond resource on block J in compliance with National Instrument 43-101. The final schedule and details for the program will be disclosed prior to the commencement of the program.
