MONTREAL, QUEBEC--(Marketwire - Aug. 6, 2010) - Afri-Can Marine Minerals Corporation ("Afri-Can") (TSX VENTURE:AFA) announces that it has closed a non-brokered private placement in the amount of $ 1 million for the sale of 12,500,000 units ('Unit'), at a subscription price of $0.08 per Unit. Each Unit will consist of one (1) common share and one-half (1/2) common share purchase warrant of the Company (''warrant''). Each full Warrant will entitle the holder thereof, during a period of 24 months from the date of closing of the placement, to purchase one (1) common share at an exercise price of $0.13 per common share. Each share issued pursuant to the placement will have a mandatory four (4) month holding period from the date of closing of the placement. In connection with the placement, the Corporation will pay Jennings Securities Ltd a finder's fee of 15,000 common shares and 7,500 warrants. The warrants will have the same terms and conditions as the warrants that form part of the Unit described above.
The private placement is subject to regulatory approval.
About Afri-Can Marine Minerals Corp
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 unexplored 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.
Shares outstanding: 177,887,484
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.
