Afri-Can Marine Minerals Corporation

Afri-Can Marine Minerals Corporation

June 28, 2013 10:13 ET

Afri-Can Marine Announces a Private Placement

MONTREAL, QUEBEC--(Marketwired - June 28, 2013) - Afri-Can Marine Minerals Corporation ("Afri-Can") (TSX VENTURE:AFA) today announced that it will proceed with and close a non-brokered private placement for gross proceeds of a maximum of $200,000 ("the Offering"). Afri-Can has received commitments for the full amount of $ 200,000.

The non-brokered private placement will comprise 5,000,000 units (the "Units") of Afri-Can, at a subscription price of $0.04 per Unit. Each Unit will consist of one (1) common share and one half (1/2) common share purchase warrant ("Warrant") of Afri-Can. The Warrants will expire in two years from the date of closing of the private placement. Each full Warrant will entitle the holder thereof to purchase one (1) Afri-Can common share at an exercise price of $0.06 during the first year from the date of closing of the placement and at an exercise price of $0.10 per common share during the second year from the date of closing of the placement. Jennings Capital Inc. will be paid a finder's fee of $4,000 and will receive 100,000 compensation warrants in connection with the Non-Brokered Placement. The Compensation Warrant have the same terms and condition as the Warrant. Each security issued pursuant to the placement has a mandatory four (4) months holding period from the date of closing of the placement.

Afri-Can intends to use the net proceeds of the Offering to maintain Afri-Can's assets, for debt repayment and for working capital purposes. Completion of the Offering is subject to the receipt of all necessary approvals including the approval TSX Venture Exchange ("TSXV"). Approval of the sale of the Common Share portion of the Offering is being sought pursuant to the TSXV's Notice to Issuers dated April 12th, 2013, regarding the Extension and Modification of Temporary Relief from Certain Pricing Requirements.

Projects development

Afri-Can's technical team is well advanced with the revision and assessment of the extensive database and work programs planned for the Mining Leases under option with Diamond Fields International Ltd. ("DFI"). The main goal is to resume production as soon as possible. Some areas will need further exploration such as geophysical surveying and sampling in order to properly define the resource and establish a definitive mining plan. Afri-Can's priority is to identify the areas that could resume mining in the shortest time frame and plan a resource development work program for the remaining parts of the DFI Mining Leases. To that effect, Afri-Can is conducting negotiation and work planning with its contractor in order to charter a mining vessel and subsequently, a sampling vessel. Complete information will be disclosed to our investors as soon as the assessment is concluded.

About Afri-Can Marine Minerals Corporation

Afri-Can is a Canadian company actively involved in the acquisition, exploration and development of major mineral 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. 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.

Shares outstanding: 86,527,864

Contact Information

  • Pierre Leveille, 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)