Key points
- Each unit consists of one common share and one-half of a common share purchase warrant.
- Each full warrant is exercisable at 13 cents per share for 24 months from closing.
- Shares issued under the placement are subject to a four-month hold period from closing.
- The company will pay Jennings Securities Ltd. a finder’s fee of 15,000 common shares and 7,500 warrants, with the placement subject to regulatory approval.
Afri-Can Marine Minerals Corp. has closed a non-brokered private placement in the amount of $1-million for the sale of 12.5 million units, at a subscription price of eight cents per unit. 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 13 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. In connection with the placement, the corporation will pay Jennings Securities Ltd. a finder’s fee of 15,000 common shares and 7,500 warrants. The warrants will have the same terms and conditions as the warrants that form part of the unit described above.
The private placement is subject to regulatory approval.
