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Afri-Can Marine Announces Non-brokered Private Placement

Jul 16, 2014 3:03 PM   By Jeff Miller
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RAPAPORT... Afri-Can Marine Minerals Corporation is conducting a non-brokered private placement for anticipated  gross proceeds of a minimum of $175,000 and a maximum of $350,000, open to all current shareholders as of July 30, 2014 and to accredited investors, pursuant to applicable exemptions.

The minimum subscription is established at $5,000 and will include a minimum of 8,750,000 and a maximum of 17,500,000 units at a subscription price of 2 cents a piece.  Each unit will consist of one common share and one half common share purchase warrant. The warrants will expire in two years from the date of closing of the private placement and each full warrant will entitle the holder to purchase one Afri-Can common share at an exercise price of 5 cents. 

Afri-Can will use proceeds of the offering to maintain Afri-Can's existing operations and activities and for working capital purposes. Completion of the offering is subject to the receipt of all necessary approvals including the approval of the Toronto Stock Exchange Venture Exchange (TSXV).

Afri-Can Marine Minerals is actively involved in the acquisition, exploration and development of major mineral properties in Namibia, where it uses a scientific approach to target large marine diamond deposits in prospective territories.
Tags: Afri-Can, Diamond mining, Jeff Miller, private placement
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