Afri-Can Marine Minerals Corp. has closed the $200,000 non-brokered private placement previously announced on June 28, 2013.
The non-brokered private placement comprises five million units of Afri-Can at a subscription price of four cents per unit. Each unit consists of one common share and one-half common share purchase warrant of Afri-Can. The warrants expire in two years from the date of closing of the private placement. Each full warrant entitles the holder thereof to purchase one Afri-Can common share at an exercise price of six cents during the first year from the date of closing of the placement and at an exercise price of 10 cents per common share during the second year from the date of closing of the placement. Jennings Capital Inc. has been paid a finder’s fee of $3,664 and has received 91,600 compensation warrants in connection with the non-brokered placement. The compensation warrants have the same terms and conditions as the warrants. Each security issued pursuant to the placement has a mandatory four-month holding period from the date of closing of the placement.
The common share portion of the offering has been issued pursuant to the TSX Venture Exchange’s notice to issuers dated April 12, 2013, regarding the extension and modification of temporary relief from certain pricing requirements.
Afri-Can will use the proceeds of the offering to maintain Afri-Can’s assets, for debt repayment and for working capital purposes. The use of proceeds will be as follows:
Exploration expenditures: $66,000;Professional fees: $55,000;Administration and office expenses: $42,336;Management salaries and fees for the next 90 days: $33,000;Cash financing finder’s fee: $3,664.
- Exploration expenditures: $66,000;
- Professional fees: $55,000;
- Administration and office expenses: $42,336;
- Management salaries and fees for the next 90 days: $33,000;
- Cash financing finder’s fee: $3,664.
The offering was approved by the company’s board of directors.
Projects development
Afri-Can’s technical team is well advanced with the revision and assessment of the extensive database and work programs planned for the mining leases under option with Diamond Fields International Ltd. (DFI). Afri-Can’s priority is to identify the areas that could resume mining in the shortest time frame and plan a resource development work program for the remaining parts of the DFI mining leases. Some areas will need further exploration such as geophysical surveying and sampling in order to properly define the resource and establish a definitive mining plan. The sampling planning will also include the sampling program to be completed on EPL 3403.
Afri-Can is conducting negotiations and work planning with its contractor in order to charter a mining vessel and subsequently, a sampling vessel. Complete information will be disclosed to investors as soon as the assessment and planning are completed.
