Afri-Can Marine Minerals has closed private placement agreements totalling $550,000.
The private placement comprises 2.2 million units priced at 25 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 30 cents over a period of three years. Securities issued in the placement are subject to exchange hold periods expiring Aug. 3, 2003, and Aug. 16, 2003.
Proceeds from the private placement will be used to further the development of the corporation.
