Key points
- The private placement comprises 5,833,333 units priced at 30 cents per unit, each consisting of one share and one-half warrant.
- Each full warrant entitles the holder to acquire an additional share at 40 cents over a period of 18 months.
- Securities issued in the placement are subject to exchange hold periods expiring Dec. 7, 2002, and July 8, 2003.
- Proceeds will be used mainly toward the sampling program on block J in Namibia.
Afri-Can Marine Minerals has closed private placement agreements totalling $1.75-million.
The private placement comprises 5,833,333 units priced at 30 cents per unit. Each unit consists of one share and one-half warrant. Each full warrant will entitle the holder to acquire an additional share at 40 cents over a period of 18 months. Securities issued in the placement are subject to exchange hold periods expiring Dec. 7, 2002, and July 8, 2003.
Proceeds from the private placement will be mainly used toward the sampling program on block J in Namibia. Negotiations with contractors are well advanced and shareholders will be kept advised of developments.
