Key points
- Each unit consists of one common share and one-half of one 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 mandatory four-month hold period.
- Loeb Aron & Co. Trust will receive a finder’s fee of $1,200 and 15,000 units, and the placement remains subject to regulatory approval.
Afri-Can Marine Minerals Corp. has closed the second and last part of its non-brokered private placement for an additional amount of $200,000 through the sale of 2.5 million units at a subscription price of eight cents per unit. Each unit will consist of one common share and one-half of one 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 Loeb Aron & Co. Trust a finder’s fee of $1,200 and 15,000 units. The units will have the same terms and conditions as the previously described unit.
The private placement is subject to regulatory approval.
