By Laura Lutz
Des Moines, Aug. 17 - Afri-Can Marine Minerals Corp. canceled its previously announced C$2.5 million private placement of units and replaced it with a new private placement of units of the same size.
The newly priced placement consists of units of one share and one half-share warrant at C$0.15 per unit. Each whole warrant will be exercisable at C$0.20 for two years.
There is a C$500,000 greenshoe.
Afri-Can already has received subscription commitments for C$2.3 million, according to a company news release.
The canceled placement priced on Aug. 2. At that time, it was expected to consist of 12.5 million units at C$0.20 each. The units were each expected to consist of one share and one half-share warrant with each whole warrant exercisable at C$0.26 for two years. That deal also had a C$500,000 greenshoe.
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
|
| Price: | C$0.15
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.20
|
| Previous pricing date: | Aug. 2
|
| New pricing date: | Aug. 17
|
| Stock symbol: | TSX Venture: AFA
|
| Stock price: | C$0.185 at close Aug. 1
|
| Stock price: | C$0.15 at close Aug. 16
|
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