Afri-Can Marine Minerals has increased its undivided interest to 40 per cent in the Block J licence area located north of Luderitz, Namibia. Afri-Can and Woduna Mining Holding (Pty.) Ltd. have concluded an agreement whereby Woduna agreed to receive 662,640 shares of Afri-Can, valued at 25 Canadian cents, instead of a cash payment of $825,000 (Namibian) ($155,660 (Canadian)). In consideration of the shares issuance, Woduna agreed to transfer to Afri-Can an additional interest of 10 per cent in the project. The original agreement also stipulates that Afri-Can has the option to increase its undivided interest in the project up to 70 per cent, in consideration of three equal payments of $825,000 (Namibian) each. The issuance of shares is subject to regulatory approval.
Pierre Leveille, president, said: “We are pleased with Woduna’s decision to be paid in shares of Afri-Can. It is a strong vote of confidence in the potential of the concession and in our excellent business relation.”
Block J lies on the northern boundary of the known rich diamondiferous deposits currently being mined along the south and central Namibian west coast. To the south of the project, an inferred resource exceeding 4.25 million carats has been estimated for the region between Halifax and Mercury Islands (Marine & Coastal, June 6, 2000).
