Afri-Can Marine Minerals Corporation

Afri-Can Marine Minerals Corporation

April 28, 2009 14:04 ET

Afri-Can Marine Minerals Will Close a Private Placement

MONTREAL, QUEBEC--(Marketwire - April 28, 2009) - Afri-Can Marine Minerals Corporation ("Afri-Can") (TSX VENTURE:AFA) announces that it will close a non-brokered private placement, first filed with the regulators on April 8, 2009, in the amount of CND $ 350,000. The private placement, for the sale of 4,375,000 units ('Unit') at a subscription price of $0.08 per Unit, is fully subscribed. The placement is subject to regulatory approval.

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, the Corporation announces that the exercise price of the options granted as disclosed in the press release dated March 16, 2009 has been changed to $0.10, other terms thereof remaining unchanged.

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: 152,371,394

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
    514-846-1435 (FAX)
    Afri-Can Marine Minerals Corporation
    Bernard J. Tourillon
    Executive V.P. and CFO
    514-846-1435 (FAX)