Key points
- Paradox Public Relation Inc. of Montreal will provide investor relations services starting April 1, 2011 for $6,500 per month over a minimum 12-month term.
- Afri-Can will grant Paradox one million options exercisable at 10 cents per share, maturing April 1, 2013 and vesting quarterly over 12 months.
- The board extended 2,187,500 warrants (originally expiring May 6, 2011) and 680,000 warrants (originally expiring May 20, 2011) to May 20, 2012, both at a 15-cent exercise price.
- As of the release date, 235,000 of the warrants originally set to expire May 6, 2011 had been exercised, and the extensions remain subject to regulatory approval.
Afri-Can Marine Minerals Corp. has engaged Paradox Public Relation Inc. of Montreal to provide investor relations services for the company.
Paradox provides strategic counsel to small- and medium-cap companies, primarily in the resource sector. Paradox has worked with Afri-Can since 2006. Effective April 1, 2011, Paradox will provide services for a remuneration of $6,500 per month for a minimum 12-month period. A consideration of one million Afri-Can options will also be granted to Paradox. The options have a maturity date of April 1, 2013, at an exercise price of 10 cents per shares and are vested quarterly for the period of 12 months.
The primary focus of the planned investor relations campaign is to introduce Afri-Can to a wider audience within the North American investment community including investment advisers, sell side analysts and institutional investors.
On another matter, Afri-Can Marine Minerals announces that its board of directors, by a resolution adopted on May 15, 2011, has authorized the extension until May 20, 2012, of the 2,187,500 share purchase warrants set to expire on May 6, 2011, and of the 680,000 share purchase warrants set to expire on May 20, 2011. These warrants have an exercise price of 15 cents. As of today, 235,000 purchase warrants expiring on May 6, 2011, have been exercised.
The extensions are subject to the approval of regulatory authorities.
