Afri-Can Closes Second Tranche of Financing for $1.4 Million

Afri-Can Marine Minerals Corporation ("Afri-Can" or the "Corporation") (TSX
VENTURE:AFA) announces that it has closed a second tranche of $1,000,000 of the
brokered private placement announced on April 12th and 20th, 2012, through
Trinity Assets Management International Ltd. ("Trinity"). The closing of a
further $1,000,000 related to the brokered placement is expected shortly. The
Corporation also raised an additional $435,480 by way of a non-brokered private
placement. To date, the Corporation has raised aggregate gross proceeds of
$2,435,480 from private placements.


The second tranche of the Brokered Placement comprises 6,250,000 units of
Afri-Can, at a subscription price of $0.16 each (the "Units"). The Non-Brokered
Placement comprises 2,721,750 Units. Each Unit consists of one (1) common share
of Afri-Can's capital (a "Common Share") and one (1) common share purchase
warrant of the Corporation (a "Warrant"). Each Warrant entitles the holder
thereof, during a period of 36 months from the date of closing of the
placements, to purchase one Common Share at an exercise price of $0.20 per
Common Share. 


The Corporation will pay Trinity a finder's fee of $50,000 in connection with
the Brokered Placement and has paid Jennings Capital Inc. a finder's fee of
$34,838 and issued 217,740 compensation warrants in connection with the
Non-Brokered Placement. The Compensation Warrant have the same terms and
condition as the Warrant. Each security issued pursuant to the placements has a
mandatory four (4) month hold period from the date of closing of the placements.
The closing of these placements remains subject to the approval of the Exchange.



The subscription of $1 million comprising the second tranche of the Brokered
Placement has been provided by the same investor who provided the first tranche
of $1 million (see press release dated July 6th, 2012). As a result, the total
holding of this investor now exceeds 10% of Afri-Can's issued and outstanding
Common Shares. Such investor is now deemed to be an insider of the Corporation
and the second $1 million subscription has been closed "In Trust" subject to
Exchange acceptance.


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 enabled 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 scheduled will be
finalized after closing of the brokered placement.


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. 


Shares outstanding: 74,853,014

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.