New Issue: Afri-Can Marine takes in C$2.65 million in placement of units

By Devika Patel

Knoxville, Tenn., Sept. 6 - Afri-Can Marine Minerals Corp. announced that it closed a previously announced private placement of units, raising C$2,645,500, including a greenshoe of C$145,500.

The company sold 17,636,666 units at C$0.15 apiece. Each unit consists of one common share and one half-share warrant. Each whole warrant will be exercisable at C$0.20 for two years.

The company paid finder's fees of C$20,000 and 62,500 warrants to Hunter Wise Securities, LLC; C$4,880 and 32,533 warrants to Jennings Securities Ltd.; and C$22,000 and 147,000 warrants to Jones, Gable & Co. Ltd. The broker warrants have the same terms and conditions as the warrants sold in the placement.

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$2,645,500 (including greenshoe for C$145,500)
Units:	17,636,666
Price:	C$0.15
Warrants:	One half-share warrant per unit
Warrant expiration:	Two years
Warrant strike price:	C$0.20
Original pricing date:	Aug. 2
Final pricing date:	Aug. 17
Settlement date:	Sept. 6
Agents:	Hunter Wise Securities, LLC; Jennings Securities Ltd.; Jones, Gable & Co. Ltd.
Fees:	C$20,000 and 62,500 warrants to Hunter Wise Securities, LLC; C$4,880 and 32,533 warrants to Jennings Securities Ltd.; and C$22,000 and 147,000 warrants to Jones, Gable & Co. Ltd.
Stock symbol:	TSX Venture: AFA
Stock price:	C$0.185 at close Aug. 1
Stock price:	C$0.15 at close Aug. 16
Stock price:	C$0.16 at close Sept. 5

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