Afri-Can Marine Minerals Corporation
TSX VENTURE : AFA

Afri-Can Marine Minerals Corporation

July 14, 2011 10:32 ET

Afri-Can to Close Private Placement

MONTREAL, QUEBEC--(Marketwire - July 14, 2011) - Afri-Can Marine Minerals Corporation ("Afri-Can") (TSX VENTURE:AFA) announces that it will close a non-brokered private placement totalling up to $1.3 million, of which $1.0 million has been fully subscribed. The private placement is subject to regulatory approval.

The private placement will comprise a maximum of 18,600,000 units ("Unit") of Afri-Can, at a subscription price of $0.07 per Unit. Each Unit will consist of one (1) common share and one-half (1/2) common share purchase warrant ("Warrant") of the Company. 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) Afri-Can common share at an exercise price of $0.11 per common share. Each security issued pursuant to the placement will have a mandatory four (4) month holding period from the date of closing of the placement.

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.

Shares outstanding: 222,714,984

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)

    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