Afri-Can Marine Minerals Corp. will close a non-brokered private placement totalling up to $1.3-million, of which $1.0-million has been fully subscribed. The private placement is subject to regulatory approval.
The private placement will comprise a maximum of 18.6 million units of Afri-Can, at a subscription price of seven 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 Afri-Can common share at an exercise price of 11 cents per common share. Each security issued pursuant to the placement will have a mandatory four-month holding period from the date of closing of the placement.
