Key points
- The private placement will comprise a maximum of 7.5 million units priced at 10 cents per unit.
- Each unit consists of one common share and one-half of one non-transferable warrant.
- Each full warrant entitles the holder to purchase one common share at 15 cents for up to two years from closing.
- Proceeds will be used to reduce the corporation’s working capital deficit and further its development.
Afri-Can Marine Minerals Corp. will proceed with private placement agreements totalling $750,000.
The private placement will comprise a maximum of 7.5 million units priced at 10 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 15 cents on or prior to two years from the date of closing. The placement is subject to regulatory approval.
Proceeds from the private placement will be used to reduce the working capital deficit of the corporation and further the development of the corporation.
