Afri-Can Marine Minerals Corp. closed a second $1-million tranche of its brokered private placement and raised $435,480 through a non-brokered placement, bringing total proceeds to $2,435,480.
Mawarid Offshore Mining, a subsidiary of MB Holding Company LLC, agreed on July 31, 2012 to subscribe for up to 20 million Nautilus Minerals shares at 90 cents each in two tranches.
Nautilus Minerals plans to raise approximately $34-million through a private placement of 37.7 million common shares at 90 cents each to fund its sea-floor production system.
Nautilus Minerals and Papua New Guinea have appointed former Australian High Court chief justice Murray Gleeson as arbitrator to resolve their dispute in Sydney under UNCITRAL rules.
Afri-Can Marine Minerals will consolidate its common shares four-to-one, with postconsolidation shares beginning trading on the TSX Venture Exchange on July 5, 2012 under symbol AFA.