Afri-Can Marine Minerals Corporation
TSX VENTURE : AFA

Afri-Can Marine Minerals Corporation

June 04, 2012 10:01 ET

Afri-Can Share Consolidation Approved by Shareholders

MONTREAL, QUEBEC--(Marketwire - June 4, 2012) - Afri-Can Marine Minerals Corporation ("Afri-Can" or the "Corporation") (TSX VENTURE:AFA) announces that the proposed consolidation of its common shares has been approved by shareholders at a Special Meeting of Shareholders held on June 1st, 2012. The consolidation was approved by 96.2% of the 52,317,299 million shares voted. The consolidation is a condition of the $3 million financing announced on April 12th, 2012.

The Board of Directors of the Corporation, at its discretion, has the mandate to amend the Articles of the Corporation so that the issued and outstanding common shares of the Corporation be consolidated on the basis of one (1) post-Consolidation Common Share for every four (4) pre-Consolidation Common Shares (the "Consolidation Ratio") no later than nine (9) months from the date of the shareholders' approval.

The Consolidation will reduce the Corporation's 238,524,984 issued and outstanding Common Shares to approximately 59,631,246 Common Shares. The number and exercise or conversion price of outstanding stock options and warrants will be proportionately adjusted based upon the Consolidation Ratio. The shares will begin trading on a consolidated basis upon closing of the financing announced on April 12th, 2012. The financing is subject to regulatory approval.

Shares outstanding: 238,524,984

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. 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 Leveille
    President & CEO;
    (514) 846-2133
    TOLL FREE North America: 1 (866) 206-7475
    (514) 372-0066 (FAX)
    info@afri-can.com

    Bernard J. Tourillon
    Executive V.P. and CFO
    (514) 846-2133
    TOLL FREE North America: 1 (866) 206-7475
    (514) 372-0066 (FAX)
    info@afri-can.com
    www.afri-can.com