Afri-Can Marine Minerals Corp. has received conditional approval from the TSX Venture Exchange to close the $3-million financing announced on April 12, 2012. In order to proceed with closing, Afri-Can has initiated procedures to start trading its common shares on a consolidated basis of four preconsolidation common shares for each one postconsolidation common share, as approved at a special meeting of shareholders held on June 1, 2012. Once postconsolidation trading commences, Afri-Can will immediately move to close the financing.
The consolidation will reduce the corporation’s 238,524,984 issued and outstanding common shares to approximately 59,631,246 common shares. The number and exercise or conversion price of outstanding stock options and warrants will be proportionately adjusted based upon the 1:4 consolidation ratio. The shares will begin trading on a consolidated basis upon receipt of stock exchange approval. The company expects to receive approval and start trading on a consolidated basis within 10 days. Shareholders will be informed of the exact date one day prior to the start of trading on a consolidated basis.
Regarding EPL 3403, geophysical survey analysis and interpretation are well advanced and an initial report is being prepared. The data’s high-quality and resolution enable modelling of the geology, morphology and stratigraphy of the south end of EPL 3403 in greater detail than previously planned. This is expected to lead to improved preparation and planning for the second sampling program and eventual trial mining. The second sampling program schedule will be finalized after closing of the financing.
