Afri-Can Marine Minerals has concluded private placement agreements totalling $420,000. The private placement comprises units priced at 23 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 33 cents over a period of 18 months. The placement is subject to regulatory approval. Proceeds from the private placement will be mainly used to further exploration programs in Namibia and for some overhead expenses.
Furthermore, the corporation’s board of directors has by resolution dated July 5, 2001, authorized the extension of the expiry date of the share purchase warrants (with an exercise price of 30 cents) set to expire on Aug. 3, 2001. At this date, two million share purchase warrants have not been exercised. The share purchase warrants have been extended until the earlier of:
Feb. 4, 2002; and
the 45th day following any five-day period during which the weighed average price of the shares of the corporation exceeds 30 cents.
This extension has been approved by the appropriate regulatory authorities.
