Afri-Can Marine Minerals Corporation

Afri-Can Marine Minerals Corporation

July 06, 2012 09:24 ET

Afri-Can Closes Financing

MONTREAL, QUEBEC--(Marketwire - July 6, 2012) - Afri-Can Marine Minerals Corporation ("Afri-Can" or the "Corporation") (TSX VENTURE:AFA) announces that it closed a first tranche of $1 million of the financing announced on April 12th, 2012, by way of a private placement. Closing of a further $2 million is expected shortly.

The private placement comprises 6,250,000 units ("Unit") of Afri-Can, at a subscription price of $0.16 per Unit. Each Unit consists of one (1) common share and one (1) common share purchase warrant ("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 (1) Afri-Can common share at an exercise price of $0.20 per common share. Each security issued pursuant to the placement has a mandatory four (4) month holding period from the date of closing of the placement. The Corporation 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 modeling 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.

About Afri-Can Marine Minerals Corporation

Afri-Can is a Canadian company, actively involved in the acquisition, exploration and development of major properties in Namibia. Afri-Can's creative and scientific approach targets large marine diamond deposits in prospective territories.

This press release contains certain "forward-looking statements," as identified in the Afri-Can's periodic filings 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.

Shares outstanding: 65,888,264

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Pierre Léveillé, President & CEO
    Bernard J. Tourillon, Executive V.P. and CFO
    (514) 846-2133
    TOLL FREE North America: 1 (866) 206-7475
    (514) 372-0066 (FAX)