Afri-Can Marine Minerals Corporation

Afri-Can Marine Minerals Corporation

September 06, 2007 10:14 ET

Afri-Can Closes a $2.6 Million Equity Private Placement

MONTREAL, QUEBEC--(Marketwire - Sept. 6, 2007) - Afri-Can Marine Minerals Corporation (TSX VENTURE:AFA)(FRANKFURT:AJF) ("Afri-Can") announces that it has closed the private placement previously announced on August 17, 2007. The placement is for a total amount of $2,645,500 of new equity.

Pierre Leveille, President and Chief Executive Officer of Afri-Can, stated, "We are pleased to have closed our private placement despite difficult market conditions. The additional equity puts Afri-Can in solid financial shape for our upcoming diamond sampling programme on Block J in Namibia."

The private placement comprises 17,636,666 units priced at $0.15 per unit. Each unit comprises one common share and one-half warrant. Each full warrant entitles the holder to purchase one common share at $0.20 within a period of two years from the date of closing. The common shares and warrants comprising the units are subject to a holding period of four months following the closing date of the placement. In connection with the placement, Hunter Wise Securities, LLC will receive a finders fee of $20,000 and 62,500 broker warrants, Jennings Securities Ltd will receive a finders fee of $4,880 and 32,533 broker warrants, and Jones, Gable & Company Limited will receive a finders fee of $22,000 and 147,000 broker warrants, The broker warrants will have the same terms and conditions as the warrants that form part of the units described above. As a result of the placement, the number of Afri-Can's common shares increases to 145,558,390 outstanding, and 167,430,564 on a fully-diluted basis.

Afri-Can is a Canadian company, actively involved in the acquisition, exploration and development of major mineral properties in Namibia. Afri-Can's large and prospective license holdings, together with its growth strategy, position it as the partner of choice for Namibian Empowerment Groups.

The TSX Venture Exchange (TSX) does not accept responsibility for the adequacy or accuracy of this release.

This press release contains certain "forward-looking statements," as identified in the Afri-Can's periodic fillings with Canadian Securities Regulators that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

Contact Information

  • Afri-Can Marine Minerals Corporation
    Pierre Leveille
    President & CEO
    514-846-1435 (FAX)
    Afri-Can Marine Minerals Corporation
    Bernard J. Tourillon
    Executive V.P. and CFO
    514-846-1435 (FAX)