Afri-Can Marine Minerals Corporation
TSX VENTURE : AFA

Afri-Can Marine Minerals Corporation

March 16, 2009 14:31 ET

Afri-Can Marine Minerals Closes a Private Placement

MONTREAL, QUEBEC--(Marketwire - March 16, 2009) - Afri-Can Marine Minerals Corporation ("Afri-Can")(TSX VENTURE:AFA) announces that it has closed a non-brokered private placement in the amount of CND $ 200,000 for the sale of 2,500,000 units ('Unit'), at a subscription price of $0.08 per Unit. Each Unit will consist of one (1) common share and one-half (1/2) common share purchase warrant of the Company ("Warrant"). Each full Warrant will entitle the holder thereof, during a period of 24 months from the date of closing of the placement, to purchase one (1) common share at an exercise price of $0.15 per common share. Each share issued pursuant to the placement will have a mandatory four (4) month holding period from the date of closing of the placement.

Furthermore, in order to replace options that have expired, Afri-Can has granted to certain Directors of the Corporation that are not members of management, stock options to purchase 1,640,000 common shares of Afri-Can at an exercise price of $0.09. These stock options shall expire on April 30, 2013. The option grant is subject to the approval of the TSX Venture Exchange.

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 unexplored prospective territories.

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.

Shares outstanding: 149,871,394

Neither 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

  • Afri-Can Marine Minerals Corporation
    Pierre Leveille
    President & CEO
    514-846-2133
    514-846-1435 (FAX)
    or
    Afri-Can Marine Minerals Corporation
    Bernard J. Tourillon
    Executive V.P. and CFO
    514-846-2133
    514-846-1435 (FAX)
    info@afri-can.com
    www.afri-can.com