By Laura Lutz
Des Moines, Aug. 2 - Afri-Can Marine Minerals Corp. plans to conduct a private placement of units for C$2.5 million.
The company intends to sell 12.5 million units of one share and one half-share warrant at C$0.20 per unit. Each whole warrant will be exercisable at C$0.26 for two years.
Afri-Can has received firm commitments for C$2.3 million of the deal, according to a company news release.
There is a greenshoe for C$500,000.
Afri-Can is a mineral exploration and development company based in Montreal.
| Issuer: | Afri-Can Marine Minerals Corp.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$2.5 million
|
| Greenshoe: | C$500,000
|
| Units: | 12.5 million
|
| Price: | C$0.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.26
|
| Pricing date: | Aug. 2
|
| Stock symbol: | TSX Venture: AFA
|
| Stock price: | C$0.185 at close Aug. 1
|
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