Afri-Can Marine Minerals has received regulatory approvals in order to close private placement agreements totalling $1,555,630. Furthermore, a placement totalling $296,490 is still subject to regulatory approval. The placements have been mainly subscribed by European, Canadian and African investors.
The private placement closed comprises 7,407,761 units priced at 21 cents per share. Each unit consists of one share and one-half warrant. Each full warrant will entitle the bearer to acquire an additional share at 30 cents over a period of 18 months.
Proceeds from the private placement will be used mainly for the geological sampling programs of the Woduna concession (Block J) and the Together Quando concession (Block B). The main goal of these programs is to prove the presence of diamonds on the concessions and to begin the delineation of resources. The programs will be delineated as soon as Marine & Coastal provides the final interpretation of the geophysical survey carried on both concessions.
