Key points
- A total of 29,475,745 shares, representing 99.8 per cent of shares voted, approved the acquisition at the Jan. 26, 2011 annual general meeting.
- EPL 3403 covers approximately 800 square kilometres and lies directly north of Namdeb’s Atlantic One mining lease (ML 47), which produces over 1.1 million carats per year.
- VP3 Geological Services of South Africa prepared an independent revision of the NI 43-101 qualifying report originally filed by Richard Foster of Delmar Geoservices, pending TSX Venture Exchange consent to file it on SEDAR.
- Afri-Can is working to close a $2-million financing to satisfy the acquisition condition and begin sampling work on EPL 3403, with program planning being finalized alongside International Dredging and Holding Ltd.
NAMIBIA
At Afri-Can Marine Minerals Corp.’s annual general meeting held on Jan. 26, 2011, it received approval from its shareholders regarding the acquisition of the shares of Thyme Investment (Pty.) Ltd., the owner of the EPL 3403 marine diamond concession in Namibia. The terms of the acquisition were previously announced in the company’s news in Stockwatch on Oct. 12, 2010, and amended in a news release dated Jan. 6, 2011 (see Stockwatch). A total of 29,475,745 shares were voted in favour of the acquisition, representing 99.8 per cent of the total shares voted.
EPL 3403 covers approximately 800 square kilometres and is adjacent to the north of the Atlantic One mining lease (ML) 47 (owned by Namdeb Diamond Corp. (Pty.) Ltd., a 50-50 partnership between the government of the Republic of Namibia and De Beers Centenary AG), which is the largest marine diamond deposit in the world. ML 47 is currently producing in excess of 1.1 million carats per year.
At the request of the TSX Venture Exchange, Afri-Can has submitted an independent revision of the National Instrument 43-101-compliant qualifying report submitted by Richard Foster of Delmar Geoservices Ltd., which was filed on SEDAR and disclosed in the company’s news in Stockwatch on Nov. 10, 2010. The revision was prepared by VP3 Geological Services (Pty.) Ltd. of South Africa. The company is awaiting the TSX Venture Exchange’s consent to file the revision report on SEDAR.
Afri-Can is currently working on closing a $2-million financing that will enable it to satisfy the condition of the acquisition and start the sampling work on EPL 3403. The technical teams of Afri-Can as well as International Dredging and Holding Ltd. are currently working on finalizing the program planning and schedule, which will be disclosed to the company’s shareholders as soon as technically feasible.
Pierre Leveille, president and chief executive officer of Afri-Can, stated, “We are very pleased with the results of the vote, and the board of directors and management would like to acknowledge our shareholders for their important support.”
