Key points
- The rights offering raised $1,703,646 at a subscription price of 10 cents per common share.
- A concurrent private placement of common shares closed for gross proceeds of $435,000 at 10 cents per share.
- Following the financings, Afri-Can will issue 21,386,460 new common shares for a total of 106,602,435 shares outstanding, with 4.35 million of the private placement shares subject to a four-month hold.
- Proceeds will fund exploration programs, including marine diamond activities, reimburse a note payable, settle debts, and provide general working capital.
Afri-Can Marine Minerals Corp.’s equity rights offering has been fully subscribed, raising $1,703,646 at a subscription price of 10 cents per common share. Concurrent with the rights offering, Afri-Can has closed a private placement of common shares for gross proceeds of $435,000, at a price of 10 cents per common share. The total raised by Afri-Can is $2,138,646.
“We are very happy that Afri-Can’s rights offering was fully subscribed because it attests to great confidence in our development plans, and the participation of Trinity Holdings (Pty.) Ltd. of South Africa is especially welcomed. We can now focus on resuming our exploration activities, particularly regarding our marine diamond activities,” declared Pierre Leveille, president and chief executive officer of Afri-Can.
Finances raised through these offerings will be used to finance exploration programs, to reimburse a note payable, to settle debts of Afri-Can, and for general working capital purposes.
Following these financings, Afri-Can will issue 21,386,460 common shares, for a total of 106,602,435 common shares outstanding. Of these new common shares, 4.35 million shares resulting from the private placement are subject to a four-month holding period.
