Afri-can Has Closed a Private Placement

Afri-Can Marine Minerals Corp. has closed a non-brokered private placement totalling $1,106,700. The private placement comprises 15.81 million units of Afri-Can, at a subscription price of seven cents per unit. Each unit consists of one common share and one-half common share purchase warrant of Afri-Can. 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. In connection with the placement, Afri-Can will pay finders’ fees totalling $80,416 and 1,148,800 compensation warrants. The compensation warrants have the same terms and conditions as the warrants described above.