Afri-Can Marine Minerals Corp. is exercising its option to acquire 20 per cent of the shares of Thyme Investments Pty. Ltd., the owner of 100 per cent of the exploration and prospecting licence 3403 marine diamond concession in Namibia. The Thyme share purchase agreement announced on Oct. 12, 2010, between Afri-Can and International Dredging and Holding Ltd. and BV Investments Four Hundred and Nine Pty. Ltd., has been amended as follows:
In consideration for 20 per cent of Thyme’s shares, Afri-Can will issue
9.75 million common shares to IMDH and 3.25 million common shares to BVI, and
make a cash payment of $100,000 (U.S.) to IMDH.In consideration for the remaining 80 per cent of Thyme’s shares, Afri-Can will
start a geophysical survey within three months of signing the amendment,
make a cash payment of $50,000 (U.S.) to IMDH at that time, complete an
initial resource delineation sampling program before Dec. 31,
2012, and issue a total of 52 million common shares to IMDH and BVI.The geophysical survey will cover a minimum of 1,000 line kilometres on
an area of 90 square kilometres. The sampling program will extract a
minimum of 300 samples and/or last for a maximum of 30 days.
The total number of shares that Afri-Can will issue for 100 per cent of EPL 3403
remains unchanged from the original agreement at 65 million common
shares.
- In consideration for 20 per cent of Thyme’s shares, Afri-Can will issue
9.75 million common shares to IMDH and 3.25 million common shares to BVI, and
make a cash payment of $100,000 (U.S.) to IMDH.
- In consideration for the remaining 80 per cent of Thyme’s shares, Afri-Can will
start a geophysical survey within three months of signing the amendment,
make a cash payment of $50,000 (U.S.) to IMDH at that time, complete an
initial resource delineation sampling program before Dec. 31,
2012, and issue a total of 52 million common shares to IMDH and BVI.
- The geophysical survey will cover a minimum of 1,000 line kilometres on
an area of 90 square kilometres. The sampling program will extract a
minimum of 300 samples and/or last for a maximum of 30 days.
- The total number of shares that Afri-Can will issue for 100 per cent of EPL 3403
remains unchanged from the original agreement at 65 million common
shares.
The amendment to the Thyme share purchase agreement and share issuances are subject to regulatory approval.
The technical teams of Afri-Can and IMDH are currently planning the geophysical survey, which will start once the transaction has been approved by authorities. Details of the program will be disclosed to investors in a separate press release.
Pierre Leveille, president and chief executive officer of Afri-Can, stated: “We are happy with this amendment which provides better terms for the parties involved. Our previous sampling program demonstrates the high potential of EPL 3403, and we will now focus on its development in order to unlock value for our shareholders.”
EPL 3403 covers approximately 800 square kilometres and is adjacent to and north of the Atlantic One mining lease 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.
