Key points
- The placement will comprise a maximum of 15 million units priced at 20 cents per unit, each unit consisting of one common share and one-half warrant.
- Each full warrant entitles the holder to purchase one common share at 26 cents within two years of closing, with the shares and warrants subject to a four-month hold and the placement subject to regulatory approval.
- CEO Pierre Leveille said the placement reflects confidence in the company’s upcoming diamond sampling program on block J in Namibia.
- Finder’s fees include $20,000 cash and 62,500 broker warrants to Hunter Wise Securities LLC, $4,880 cash and 24,400 broker warrants to Jennings Securities Ltd., and $10,400 cash and 52,000 broker warrants to Jones, Gable & Company Ltd.
Afri-Can Marine Minerals Corp. will proceed with a $2.5-million private placement of equity. Afri-Can presently has firm commitments for $2.3-million and has the right to an overallocation allotment of $500,000 for a total equity placement of up to $3-million. The placement will close upon receipt of regulatory approval.
Pierre Leveille, president and chief executive officer of Afri-Can, stated: “We are very satisfied to have been able to raise capital under present market conditions. We view the placement as a strong vote of confidence in our upcoming diamond sampling program on block J in Namibia.”
The private placement, including an overallocation allotment, will comprise a maximum 15 million units priced at 20 cents per unit. Each unit will comprise one common share and one-half warrant. Each full warrant will entitle the holder to purchase one common share at 26 cents within a period of two years from the date of closing. The common shares and warrants comprising the units are subject to a holding period of four months following the closing date of the placement. In connection with the placement, Hunter Wise Securities LLC will receive a finder’s fee of $20,000 and 62,500 broker warrants, Jennings Securities Ltd. will receive a finder’s fee of $4,880 and 24,400 broker warrants and Jones, Gable & Company Ltd. will receive a finder’s fee of $10,400 and 52,000 broker warrants. The broker warrants will have the same terms and conditions as the warrants that form part of the units described above. The private placement is subject to regulatory approval.
