AFRI-CAN CLOSES FINAL TRANCHE OF FINANCING FOR $1.3 MILLION
Afri-Can
Marine Minerals Corporation (�Afri-Can� or the
�Corporation�) (TSX Venture Exchange: AFA) announces that it has closed the
third and final tranche of $1,000,000 of the brokered private placement announced
on April 12th and 20th, 2012, through Trinity Assets Management International
Ltd. (�Trinity�). The Corporation also raised an additional $347,976 by way of
a non-brokered private placement. To date, the Corporation has raised aggregate
gross proceeds of $3,783,456 from private placements.
The third tranche of the brokered private placement comprises 6,250,000 units
(�Unit�) of Afri-Can, at a subscription price of
$0.16 per Unit (the �Units�). The Non-Brokered Placement comprises 2,174,850
Units. Each Unit consists of one (1) common share and one (1) common share
purchase warrant (�Warrant�) of the Company. Each full Warrant entitles the
holder thereof, during a period of 36 months from the date of closing of the
placement, to purchase one (1) Afri-Can common share
at an exercise price of $0.20 per common share. Each security issued pursuant
to the placement has a mandatory four (4) month holding period from the date of
closing of the placement. The Corporation will pay Trinity Assets Management International
Ltd. of Mauritius a finder's fee of $50,000.
Regarding EPL 3403, the geophysical survey analysis and interpretation are well
advanced. The high quality and resolution of the data enables modeling of the geology,morphology and
stratigraphy of the south end of EPL 3403 in greater detail than previously
planned. This is expected to lead to improved preparation and planning for the
second sampling program, and for eventual trial mining to follow. With the
closing of the financing, Afri-Can is now in a
position to negotiate a charter agreement for the vessel MV DP The Explorer in order to carry out the second sampling
program, which will focus on previously identified diamondiferous depositional
areas. Planning of the program is currently underway and will be disclosed to
our shareholders in due course.
EPL 3403 covers approximately 800 square kilometres
and is adjacent to and north of the Atlantic One Mining Lease (�ML�) 47 (owned
by Namdeb Diamond Corporation (Pty) Limited, a 50:50
partnership between the Government of the Republic of Namibia and De Beers
Centenary AG). Atlantic One, which is the largest marine diamond deposit in the
world and currently produces in excess of 1,100,000 carats per year. Previous
sampling programs by Afri-Can and IMDH in EPL 3403
recovered 117 diamonds. The largest stones weighed 2.69, 1.70 and 1.60 carats.
Three diamondiferous depositional areas were delineated, two of which have an
average diamond size of over 0.50 carats per stone, matching the average size
recovered in the adjacent concessions.
About Afri-Can Marine Minerals Corporation
Afri-Can
is a Canadian company, actively involved in the acquisition, exploration and
development of major properties in Namibia. Afri-Can's
creative and scientific approach targets large marine diamond deposits in
prospective territories