Afri-Can Marine Minerals Corp. has closed the private placement previously announced in Stockwatch on Nov. 29, 2006. The placement is for a total amount of $500,000.
The private placement consists of 3,846,154 units priced at 13 cents per unit. Each unit consists of one common share and one-half of one warrant. Each full warrant will entitle the holder to purchase one common share of Afri-Can for 18 cents within two years from the date of closing. The common shares and warrants of 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 $7,800 and 60,000 non-transferable broker share 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.
