Afri-Can Marine Minerals has increased to 50 per cent its interest in the block J marine concession in Namibia.
Furthermore, the corporation has concluded another private placement agreement totalling $250,000 with arm’s-length investors.
The private placement comprises 781,250 units priced at 32 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 42 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.
Also, the corporation has received all the regulatory approvals and closed the private placement agreement previously announced in Stockwatch news on Jan. 14, 2002. The placement totalled $199,985.
