Afri-Can Marine Minerals will proceed with private placement agreements totalling $550,000, which has already been committed.
The private placement will consist of a maximum of 2.2 million units priced at 25 cents per unit. Each unit consists of one share and one-half of one non-transferable warrant. Each full warrant will entitle the holder to purchase one common share at 30 cents on or prior to three years from the date of closing. The placement is subject to regulatory approval.
Proceeds from the private placement will be used to further the development of the corporation.
