Afri-Can Marine Minerals Corp. has closed a first tranche of $1-million of the financing announced on April 12, 2012, by way of a private placement. Closing of a further $2-million is expected shortly.
The private placement comprises 6.25 million units of Afri-Can at a subscription price of 16 cents per unit. Each unit consists of one common share and one common share purchase warrant of the company. Each full warrant entitles the holder thereof, during a period of 36 months from the date of closing of the placement, to purchase one Afri-Can common share at an exercise price of 20 cents per common share. Each security issued pursuant to the placement has a mandatory four-month holding period from the date of closing of the placement. The company will pay Trinity Assets Management International Ltd. of Mauritius a finder’s fee of $50,000.
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 $3-million financing.
