Afri-Can Marine Minerals Announces Changes in Management, Trading Halt

- January 5th, 2015

Afri-Can Marine Minerals Corporation (TSXV:AFA) reported that Mr. Pierre Léveillé has resigned as President and Chief Executive Officer and Mr. Bernard Tourillon has resigned as Chief Financial Officer, Corporate Secretary and Director of the Corporation. Mr. Michael Brown and Mr. André Thibault have resigned from the Board of Directors of the Corporation.

Afri-Can Marine Minerals Corporation (TSXV:AFA) reported that Mr. Pierre Léveillé has resigned as President and Chief Executive Officer and Mr. Bernard Tourillon has resigned as Chief Financial Officer, Corporate Secretary and Director of the Corporation. Mr. Michael Brown and Mr. André Thibault have resigned from the Board of Directors of the Corporation. The Company also reported that due to lack of funding, the Company is late in filling its annual Audited Financial Statements, which were required to be filed on SEDAR at the latest by December 29th, 2014. Therefore, at the request of L’autorité des Marchés Financiers, the TSX Venture Exchange has halted trading in the shares of Afri-Can. The Company has also notified Deep-South Mining Company (PTY) Ltd that it will not exercise its option to acquire half of Deep-South’s share capital.

As quoted in the press release:

Management has been in discussions with some of Afri-Can’s largest shareholders in order to resolve the financial situation of the company. One of the parties involved in these discussions is International Mining and Dredging Holdings Ltd (“IMDH”) which was the main contractor providing exploration services to Afri-Can. IMDH is a large shareholder and creditor of the Corporation. As discussions have not yet been conclusive, Mr. Pierre Léveillé has resigned as President and Chief Executive Officer and Mr. Bernard Tourillon has resigned as Chief Financial Officer, Corporate Secretary and Director of the Corporation. Mr. Michael Brown and Mr. André Thibault have resigned from the Board of Directors of the Corporation.

On another matter, Afri-Can has notified Deep-South Mining Company (PTY) Ltd (“Deep-South”) that it will not exercise its option to acquire half of Deep-South’s share capital. Deep-South holds a 30% interest in the Haib copper project in Namibia. The option stipulates that Afri-Can holds the right to acquire 50% of the share capital of Deep-South in consideration for seeking and completing the listing of Deep-South’s shares on a recognized Stock Exchange. If Afri-Can exercised its option, Afri-Can would be required to support 50% of a loan due to Teck Namibia (PTY) Ltd in the amount of $400,000 and participate to the extent of 15% of the Haib project exploration expenditures. Based on current financial markets and the current financial position of Afri-Can, it was impossible for Afri-Can to exercise the option.

Click here to read the Afri-Can Marine Minerals Corporation (TSXV:AFA) press release
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