Afri-Can Marine Minerals Announces Private Placement

Afri-Can Marine Minerals Corporation (TSXV:AFA) announced that it has received commitments for the full amount of $ 200,000 for its non-brokered private placement.

As quoted in the press release:

The non-brokered private placement will comprise 5,000,000 units (the “Units”) of Afri-Can, at a subscription price of $0.04 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 $0.06 during the first year from the date of closing of the placement and at an exercise price of $0.10 per common share during the second year from the date of closing of the placement. Jennings Capital Inc. will be paid a finder’s fee of $4,000 and will receive 100,000 compensation warrants in connection with the Non-Brokered Placement. The Compensation Warrant have the same terms and condition as the Warrant. Each security issued pursuant to the placement has a mandatory four (4) months holding period from the date of closing of the placement.

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