Afri-Can Marine Minerals Corp. has closed the third and final tranche of $1-million of the brokered private placement announced on April 12 and April 20, 2012, through Trinity Assets Management International Ltd. The corporation also raised an additional $347,976 by way of a non-brokered private placement. To date, the corporation has raised gross proceeds of $3,783,456 from private placements.
The third tranche of the brokered private placement comprises 6.25 million units of Afri-Can at a subscription price of 16 cents per unit. The non-brokered placement comprises 2,174,850 units. Each unit consists of one common share and one common share purchase warrant of the company. Each full warrant entitles the holder thereof, during a period of 36 months from the date of closing of the placement, to purchase one Afri-Can common share at an exercise price of 20 cents per common share. Each security issued pursuant to the placement has a mandatory four-month holding period from the date of closing of the placement. The corporation will pay Trinity Assets Management International of Mauritius a finder’s fee of $50,000.
Regarding EPL 3403, the geophysical survey analysis and interpretation are well advanced. The high-quality resolution of the data enables modelling of the geology, morphology and stratigraphy of the south end of EPL 3403 in greater detail than previously planned. This is expected to lead to improved preparation and planning for the second sampling program, and for eventual trial mining to follow. With the closing of the financing, Afri-Can is now in a position to negotiate a charter agreement for a vessel to carry out the second sampling program, which will focus on previously identified diamondiferous depositional areas. Planning of the program is currently under way and will be disclosed to shareholders in due course.
EPL 3403 covers approximately 800 square kilometres, and is adjacent to and north of the Atlantic One mining lease 47 (owned by Namdeb Diamond Corp. Pty. Ltd., a 50/50 partnership between the government of Namibia and De Beers Centenary AG). Atlantic One, which is the largest marine diamond deposit in the world, currently produces in excess of 1.1 million carats per year.
Previous sampling programs by Afri-Can and IMDH in EPL 3403 recovered 117 diamonds. The largest stones weighed 2.69, 1.70 and 1.60 carats. Three diamondiferous depositional areas were delineated, two of which have an average diamond size of over 0.50 carat per stone, matching the average size recovered in the adjacent concessions.
