Afri-Can Marine Minerals Corp. has started a diamond sampling program on the EPL 3403 marine diamond concession in Namibia on March 25, 2011. The aims of the program are to start delineating the diamond potential of the southern portion of EPL 3403, and to prove diamond presence and find areas of diamond concentration in the northern region. The program will last between 25 days and 30 days.
The program is designed to extract a minimum of 250 samples of five square metres each. A minimum of 185 samples will be taken in the southern area, within which five separate targets have been delineated. The southern targets cover an area of about 23 square kilometres. A minimum of 65 samples will be extracted in the northern region, which has been divided into three targets covering about 350 square kilometres.
EPL 3403 covers approximately 800 square kilometres and is adjacent to the north of the Atlantic One mining lease 47 (owned by Namdeb Diamond Corp. Pty. Ltd., a 50/50 partnership between the government of the Republic of Namibia and De Beers Centenary AG), which is the largest marine diamond deposit in the world. ML 47 is curently producing in excess of 1.1 million carats per year.
Furthermore, Afri-Can has closed a non-brokered private placement for an amount of $2,085,825 with the sale of 29,797,500 units at a subscription price of seven cents per unit. Each unit consists of one common share and one-half common share purchase warant of Afri-Can. Each full warant entitles the holder thereof, during a period of 24 months from the date of closing of the placement, to purchase one common share of Afri-Can at an exercise price of 11 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, Afri-Can will pay Crowthorn Capital Corp. a finder’s fee of $73,360 and 1,048,000 broker warants, Jennings Capital a finder’s fee of $56,977 and 813,960 broker warants, and Loeb Aron & Co. Trust a finder’s fee of $3,360 and 48,000 broker warants. The broker warants have the same terms and conditions as the warrants described above.
