Afri-Can Marine Minerals Corp. has closed the private placement previously announced in Stockwatch on Aug. 17, 2007. The placement is for a total amount of $2,645,500 of new equity.
Pierre Leveille, president and chief executive officer of Afri-Can, stated: “We are pleased to have closed our private placement despite difficult market conditions. The additional equity puts Afri-Can in solid financial shape for our upcoming diamond sampling program on block J in Namibia.”
The private placement comprises 17,636,666 units priced at 15 cents per unit. Each unit comprises one common share and one-half warrant. Each full warrant entitles the holder to purchase one common share at 20 cents within a period of two years from the date of closing. The common shares and warrants under the units are subject to a holding period of four months following the closing date of the placement. In connection with the placement, Hunter Wise Securities LLC will receive a finder’s fee of $20,000 and 62,500 broker warrants, Jennings Securities Ltd. will receive a finder’s fee of $4,880 and 32,533 broker warrants, and Jones, Gable & Company Ltd. will receive a finder’s fee of $22,000 and 147,000 broker warrants. The broker warrants will have the same terms and conditions as the warrants that form part of the units described above. As a result of the placement, the number of Afri-Can’s common shares increases to 145,558,390 outstanding and 167,430,564 on a fully diluted basis.
