Proceeds of non-brokered offering finance acquisition of Thyme shares
By Devika Patel
Knoxville, Tenn., March 28 - Afri-Can Marine Minerals Corp. said it settled a C$2.09 million non-brokered private placement of units. The deal priced for C$2.5 million on Feb. 17.
The company sold 29,797,500 units of one share and one half-share warrant at C$0.07 each. Each warrant is exercisable at C$0.11 for two years. The strike price reflects a 37.5% premium to the Feb. 16 closing price of C$0.08.
Proceeds will be used to acquire shares of Thyme Investment (PTY) Ltd.
Afri-Can is a mineral exploration and development company based in Montreal.
| Issuer: | Afri-Can Marine Minerals Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$2,085,825
|
| Units: | 29,797,500
|
| Price: | C$0.07
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.11
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 17
|
| Settlement date: | March 28
|
| Stock symbol: | TSX Venture: AFA
|
| Stock price: | C$0.08 on Feb. 16
|
| Market capitalization: | C$15.43 million
|
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