Key points
- IMDH expects equipment installation on the MV DP the Explorer to be finished in early June 2009, followed by dynamic positioning system Class 2 testing near Cape Town.
- The vessel is expected to sail to Walvis Bay, Namibia by the end of June 2009 for deep-sea equipment testing and about one month of test sampling.
- The block J sampling program will cover four geological features with 332 samples, including 237 within previously delineated targets covering 18.96 square kilometres.
- Afri-Can closed a private placement of 1.36 million units at 11 cents for $149,600 and granted 450,000 options to Paradox Public Relations Inc. at 14 cents.
Afri-Can Marine Minerals Corp. has been informed by International Mining and Dredging Holding Ltd. (IMDH) that the equipment installation work on the contracted diamond sampling vessel MV DP the Explorer is near completion. IMDH expects that the work will be finished in early June, 2009. Following completion of equipment installation, the vessel’s dynamic positioning system, Class 2, will be tested in the vicinity of the port of Cape Town. It is estimated that the vessel will sail from Cape Town to the port of Walvis Bay in Namibia by the end of June. IMDH will then conduct deep-sea testing of the equipment in the area of Walvis Bay and carry out a test sampling program for about one month before commencing the sampling program on Afri-Can’s block J. The sampling equipment, treatment plant, as well as the dynamic positioning system (DP II), are brand new equipment and need extensive testing in order to be calibrated for the most highest efficiency.
The block J sampling program is expected to be conducted during the third quarter of 2009, as previously disclosed in the company’s most recent quarterly financial statements, issued on April 29, 2009. The date of commencement of the sampling program on block J will be established at the end of the test sampling period.
The sampling program in block J will cover four geological features and comprises a total of 332 samples. Of these, 237 are sited within previously delineated targets covering 18.96 square kilometres. The remaining 95 samples are designed to test geological formations that are thought to be potentially diamond bearing but have not yet been proved as such. Details of the program are contained in the report titled “EPL 2499 (Block J) Phase 3 Sampling, 2009,” which can be viewed in the investors/technical reports section of the company’s website.
The aim of the complete surveying and sampling program is to delineate diamond resources on Afri-Can’s block J marine diamond concession in Namibia in compliance with National Instrument 43-101.
Private placement and issue of options
Afri-Can has closed a non-brokered private placement, originally filed on April 11, 2009, in the amount of $149,600, for the sale of 1.36 million units at a subscription price of 11 cents per unit. Each unit consists of one common share and one-half common share purchase warrant of the company. Each full warrant entitles 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 has a mandatory four-month holding period from the date of closing of the placement.
Afri-Can’s board of directors has granted 450,000 options to Paradox Public Relations Inc. The options are exercisable at 14 cents for a period of 12 months commencing on the date of this news release. The options are vested quarterly over a period of 12 months. The options are conditional upon approval by regulatory authorities.
