Afri-Can Closes Financing

Afri-Can Marine Minerals Corporation ("Afri-Can" or the "Corporation") (TSX
VENTURE:AFA) announces that it closed a first tranche of $1 million of the
financing announced on April 12th, 2012, by way of a private placement. Closing
of a further $2 million is expected shortly. 


The private placement comprises 6,250,000 units ("Unit") of Afri-Can, at a
subscription price of $0.16 per Unit. Each Unit consists of one (1) common share
and one (1) common share purchase warrant ("Warrant") of the Company. Each full
Warrant entitles the holder thereof, during a period of 36 months from the date
of closing of the placement, to purchase one (1) Afri-Can common share at an
exercise price of $0.20 per common share. Each security issued pursuant to the
placement has a mandatory four (4) month holding period from the date of closing
of the placement. The Corporation will pay Trinity Assets Management
International Ltd. of Mauritius a finder's fee of $50,000. 


Regarding EPL 3403, geophysical survey analysis and interpretation are 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 $3 million 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: 65,888,264