Non-brokered financing offers 18.6 million units at C$0.07 per unit
By Devika Patel
Knoxville, Tenn., July 14 - Afri-Can Marine Minerals Corp. said it plans to settle a C$1.3 million non-brokered private placement of units. It already has commitments for C$1 million of the deal.
The company will sell 18.6 million units of one share and one half-share warrant at C$0.07 per unit. Each warrant is exercisable at C$0.11 for two years. The strike price is an 83.33% premium to the July 13 closing price of C$0.06.
Montreal-based Afri-Can acquires, explores and develops major mineral properties in Namibia.
| Issuer: | Afri-Can Marine Minerals Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1,302,000
|
| Units: | 18.6 million
|
| Price: | C$0.07
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.11
|
| Agent: | Non-brokered
|
| Announcement date: | July 14
|
| Stock symbol: | TSX Venture: AFA
|
| Stock price: | C$0.06 at close July 13
|
| Market capitalization: | C$13.36 million
|
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