Afcan Mining will not proceed with C$12 million offering

By Sheri Kasprzak

Atlanta, Nov. 3 - Afcan Mining Corp. said Wednesday it has decided not to go ahead with a C$12 million private placement it announced Sept. 16.

"We reflected on some corporate issues, which we may announce in the near future, and we decided to call the deal off," said Afcan president and chief executive officer David Netherway in an interview Wednesday. "I can't really go into much detail."

On Sept. 16, the deal was first announced as a C$11 million offering of 43,925,000 units of one share and one half-share purchase warrant at C$0.25. The warrants, good for two years, allowed for an extra share at C$0.375. The deal was expected to fund a gold project in China.

Netherway did say, however, the deal may not be completely dead yet.

"Yes, of course, we will look at the deal again in the future," he said.

Based in Toronto, Afcan is a gold mining company focused on projects in China. The company's stock closed up C$0.025 at C$0.295 Wednesday.

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