Afri-Can Marine Minerals Corp. will close a non-brokered private placement, first filed with regulators on April 8, 2009, in the amount of $350,000. The private placement, for the sale of 4,375,000 units at a subscription price of eight cents per unit, is fully subscribed. The placement is subject to regulatory approval.
Each unit will consist of one common share and one-half common share purchase warrant of the company. Each full warrant will entitle the holder thereof, during a period of 24 months from the date of closing of the placement, to purchase one common share at an exercise price of 15 cents per common share. Each share issued pursuant to the placement will have a mandatory four-month holding period from the date of closing of the placement.
Furthermore, the corporation announces that the exercise price of the options granted as disclosed in Stockwatch news dated March 16, 2009, has been changed to 10 cents. Other terms thereof remaining unchanged.
