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Share Name | Share Symbol | Market | Type |
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TSXV:AFA | TSX Venture | Common Stock |
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Afri-Can Marine Minerals Corporation ("Afri-Can") (TSX VENTURE:AFA) today announced that it has closed the $200,000 non-brokered private placement (the "Offering") previously announced on June 28, 2013. The non-brokered private placement comprises 5,000,000 units (the "Units") of Afri-Can, at a subscription price of $0.04 per Unit. Each Unit consists of one (1) common share and one half (1/2) common share purchase warrant ("Warrant") of Afri-Can. The Warrants expire in two years from the date of closing of the private placement. Each full Warrant entitles the holder thereof to purchase one (1) Afri-Can common share at an exercise price of $0.06 during the first year from the date of closing of the placement and at an exercise price of $0.10 per common share during the second year from the date of closing of the placement. Jennings Capital Inc. has been paid a finder's fee of $3,664 and has received 91,600 compensation warrants in connection with the Non-Brokered Placement. The Compensation Warrants have the same terms and conditions as the Warrants. Each security issued pursuant to the placement has a mandatory four (4) months holding period from the date of closing of the placement. The common share portion of the Offering has been issued pursuant to the TSX Venture Exchange's Notice to Issuers dated April 12th, 2013, regarding the Extension and Modification of Temporary Relief from Certain Pricing Requirements. Afri-Can will use the proceeds of the Offering to maintain Afri-Can's assets, for debt repayment and for working capital purposes. The use of proceeds will be as follows: -- Exploration expenditures: $ 66,000 -- Professional fees: $ 55,000 -- Administration and office expenses: $ 42,336 -- Management salaries and fees for the next 90 days: $ 33,000 -- Cash financing finder's fee: $ 3,664 The Offering was approved by the Company's Board of Directors. Projects development Afri-Can's technical team is well advanced with the revision and assessment of the extensive database and work programs planned for the Mining Leases under option with Diamond Fields International Ltd. ("DFI"). Afri-Can's priority is to identify the areas that could resume mining in the shortest time frame and plan a resource development work program for the remaining parts of the DFI Mining Leases. Some areas will need further exploration such as geophysical surveying and sampling in order to properly define the resource and establish a definitive mining plan. The sampling planning will also include the sampling program to be completed on EPL 3403. Afri-Can is conducting negotiations and work planning with its contractor in order to charter a mining vessel and subsequently, a sampling vessel. Complete information will be disclosed to our investors as soon as the assessment and planning is completed. 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. 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. Shares outstanding: 91,527,864 FOR FURTHER INFORMATION PLEASE CONTACT: 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) info@afri-can.com www.afri-can.com
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