Deal with Trinity Assets offers 18.75 million units at C$0.16 per unit
By Devika Patel
Knoxville, Tenn., Aug. 7 - Afri-Can Marine Minerals Corp. said it settled a C$1 million second tranche of a C$3 million private placement of units with Trinity Assets Management International Ltd. The deal priced April 12 and raised C$1 million on July 6.
The company is selling 18.75 million units of one share and one warrant at C$0.16 per unit. It sold 6.25 million units in the first tranche and 6.25 million units in the second tranche.
Each warrant is exercisable at C$0.20 for three years. The strike price is a 400% premium to the April 11 closing price of C$0.04.
Proceeds will be used for geophysical surveying and sampling in anticipation of trial mining on specific areas of marine diamond Exclusive Prospecting Licence 3403 in Namibia and for general operating expenses.
Trinity may also appoint one director to the company's board.
Afri-Can is a diamond exploration and development company based in Montreal.
| Issuer: | Afri-Can Marine Minerals Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$3 million
|
| Units: | 18.75 million
|
| Price: | C$0.16
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.20
|
| Agent: | Non-brokered
|
| Investor: | Trinity Assets Management International Ltd.
|
| Pricing date: | April 12
|
| Settlement dates: | July 6 (for C$1 million), Aug. 7 (for C$1 million)
|
| Stock symbol: | TSX Venture: AFA
|
| Stock price: | C$0.04 at close April 11
|
| Market capitalization: | C$11.53 million
|
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