Afri-Can Marine Minerals Corp. has closed a non-brokered private placement in the amount of $200,000 for the sale of 2.5 million 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.
Furthermore, in order to replace options that have expired, Afri-Can has granted to certain directors of the corporation that are not members of management, stock options to purchase 1.64 million common shares of Afri-Can at an exercise price of nine cents. These stock options shall expire on April 30, 2013. The option grant is subject to the approval of the TSX Venture Exchange.
