Afri-Can Marine Minerals Corporation

Afri-Can Marine Minerals Corporation

July 03, 2012 09:24 ET

Afri-Can to Consolidate Shares and Close Financing

MONTREAL, QUEBEC--(Marketwire - July 3, 2012) - Afri-Can Marine Minerals Corporation ("Afri-Can" or the "Corporation") (TSX VENTURE:AFA) has received conditional approval from the TSX - Venture to close the $3 million financing announced on April 12th, 2012. In order to proceed with closing, Afri-Can has initiated procedures to start trading its common shares on a consolidated basis of four (4) pre-consolidation common shares for each one (1) post-consolidation common share, as approved at a Special Meeting of Shareholders held on June 1st, 2012. Once post-consolidation trading commences, Afri-Can will immediately move to close the financing.

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 4-for-1 consolidation ratio. The shares will begin trading on a consolidated basis upon receipt of Stock Exchange approval. We expect to receive approval and start trading on a consolidated basis within 10 days. Shareholders will be informed of the exact date one day prior to the start of trading on a consolidated basis.

Regarding EPL 3403, geophysical survey analysis and interpretation is well advanced and an initial report is being prepared. The data's high quality and resolution enable modeling of the geology, morphology and stratigraphy of the south end of EPL 3403 in greater detail than previously planned. This is expected to lead to improved preparation and planning for the second sampling program and eventual trial mining. The second sampling program schedule will be finalized after closing of the financing.

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.

Shares outstanding: 238,524,984

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
    Bernard J. Tourillon, Executive V.P. and CFO
    (514) 846-2133
    TOLL FREE North America: 1 (866) 206-7475
    (514) 372-0066 (FAX)