Afri-Can Marine Minerals Corp. has closed a non-brokered private placement in the amount of $254,500 for the sale of 3,181,250 units, at a subscription price of eight cents per unit. Each unit will consist of one common share and one-half common share purchase warrant of the company. Each full warrant will entitle the holder thereof, during a period of 24 months from the date of closing of the placement, to purchase one common share at an exercise price of 15 cents per common share. Each share issued pursuant to the placement will have a mandatory four-month holding period from the date of closing of the placement.
In connection with the placement, the corporation will pay Jennings Securities Ltd. a finder’s fee in the form of common shares totalling 22,500 common shares and finder’s fee warrants totalling 11,250 warrants. The broker warrants will have the same terms and conditions as the warrants that form part of the unit previously described.
