Afri-Can Marine Minerals Corporation

Afri-Can Marine Minerals Corporation

October 22, 2009 10:21 ET

Afri-Can Marine Minerals Closes Private Placement

MONTREAL, QUEBEC--(Marketwire - Oct. 22, 2009) - Afri-Can Marine Minerals Corporation ("Afri-Can" or "Company") (TSX VENTURE:AFA) announces that it has closed a non-brokered private placement in the amount of CND $650,000 for the sale of 4,062,500 units ('Unit'), at a subscription price of $0.16 per Unit. Each Unit consists of one (1) common share and one-half (1/2) common share purchase warrant ("Warrant") of the Company. Each full Warrant entitles 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 $0.21 per common share. Each share issued pursuant to the placement has a mandatory four (4) month holding period from the date of closing of the placement. In connection with the placement, the Corporation will pay Jennings Securities Ltd. finder's fees of $4,160 and 13,000 broker warrants, and will pay Loeb Aron & Company Ltd. of London finder's fees of $4,780 and 14,000 broker warrants. The broker warrants have the same terms and conditions as the Warrants that form part of the Unit described above.

The private placement is subject to regulatory approval.

Sampling Vessel Update:

Afri-Can has been informed by International Mining and Dredging Holding Ltd. ("IMDH") that the contracted diamond sampling vessel MV DP The Explorer is close to completion of its tests in Namibia. Progress to date has included sea testing in a variety of depths and conditions, and calibration of the new onboard sampling equipment, the treatment plant and the Dynamic Positioning system (DP II). IMDH is satisfied with the performance of the vessel and its equipment, and is presently conducting crew training.

A detailed schedule for the sampling program on Block J will be established as soon as IMDH confirms that the vessel, its sampling system and crew are functioning at optimal efficiency. A complete schedule of operation will be communicated to our shareholders in due course.

"We are delighted with IMDH's rigorous testing program and commitment to having the vessel operate at high efficiency. Since the vessel's equipment is new, potential teething troubles need to be identified and corrected. Our main aim is to ensure performance of our sampling program with the highest confidence in the integrity of our samples. IMDH is providing a system that will meet our goal," said Pierre Leveille, Afri-Can's President and CEO.

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.

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.

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: 158 818 394

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)