The Au LP, of St. Peter Port, Guernsey, in accordance with regulatory requirements, has acquired, in a private placement, 6.25 million units of Afri-Can Marine Minerals Corp. at a price of 16 cents per unit. Each unit comprises one common share of Afri-Can’s capital (representing 8.35 per cent of Afri-Can’s issued and outstanding common shares) as well as one common share purchase warrant entitling the holder to acquire one additional common share at a price of 20 cents per common share until July 31, 2015.
Further to the private placement, Au directly owns 12.5 million common shares (representing 16.70 per cent of the issued and outstanding common shares) and 12.5 million warrants entitling to acquire 12.5 million common shares. Should Au exercise all its warrants, its holdings would represent 28.62 per cent of the issued and outstanding common shares issued on a partially diluted basis.
The position in Afri-Can was acquired for investment purposes and may be increased or decreased in the future as considered appropriate in light of investment criteria, market conditions and other factors, and in accordance with the provisions of applicable securities legislation.
