MONTREAL, QUEBEC--(Marketwired - July 17, 2014) - Afri-Can Marine Minerals Corporation ("Afri-Can") (TSX VENTURE:AFA) today announced a correction to its press release that was disseminated on Wednesday July 16, 2014. The second sentence of the first paragraph stating the record date of "July 30, 2014" should have read: "The private placement will be open to all current shareholders of Afri-Can duly registered on July 15, 2014". The corrected release follows:
Afri-Can Marine Minerals Corporation ("Afri-Can") today announced its intent to close a non-brokered private placement for gross proceeds of a minimum of $175,000 and a maximum of $350,000 (the "Offering"). The private placement will be open to all current shareholders of Afri-Can duly registered on July 15, 2014 and to accredited investors, pursuant to applicable exemptions. The minimum subscription is established at $5,000.
Current shareholders interested in participating in the private placement should contact the Company at: info@afri-can.com
The non-brokered private placement will comprise a minimum of 8,750,000 and a maximum of 17,500,000 units (the "Units") of Afri-Can, at a subscription price of $0.02 per Unit. Each Unit will consist of one (1) common share and one half (1/2) common share purchase warrant ("Warrant") of Afri-Can. The Warrants will expire in two years from the date of closing of the private placement. Each full Warrant will entitle the holder thereof to purchase one (1) Afri-Can common share at an exercise price of $0.05. Each security issued pursuant to the placement has a mandatory four (4) months holding period from the date of closing of the placement.
Afri-Can will use the net 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 TSX Venture Exchange ("TSXV"). Approval of the sale of the Common Share portion of the Offering is being sought pursuant to the TSXV's Notice to Issuers dated April 7th, 2014, regarding the Discretionary Waivers of $0.05 Minimum Pricing
Requirement.
The use of proceeds will be as follows:
| |
Minimum |
Maximum |
| - Outstanding exploration expenditures: |
$0 |
$40,300 |
| - Outstanding accounts - administration: |
$105,300 |
$223,400 |
| - Operations for the next 6 months: |
$54,000 |
$54,000 |
| - Cash financing finder's fee: |
$15,700 |
$32,200 |
| - Total: |
$175,000 |
$350,000 |
Note: Outstanding accounts include audit fees, legal fees, accounting services, communication to shareholders and general communication.
No payments will be issued to related parties apart from $ 12,712 that will be paid to Management for repayment of fees paid on behalf of the company. This amount will be paid only if the financing is fully subscribed. If subscriptions are received for more than 17,500,000 Units, the subscriptions will be reduced pro rata to 17,500,000 Units.
About Afri-Can Marine Minerals Corporation
Afri-Can is a Canadian company actively involved in the acquisition, exploration and development of major mineral properties in Namibia. Afri-Can's creative and scientific approach targets large marine diamond deposits in prospective territories.
This press release contains certain "forward-looking statements," as identified in the Afri-Can's periodic filings with Canadian Securities Regulators that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Shares outstanding: 91,577,864