Welcome!

News Feed Item

Afri-Can Marine Corrects its Previous Press Release Concerning a Private Placement

MONTREAL, QUEBEC -- (Marketwired) -- 07/17/14 -- 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: [email protected]

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

Contacts:
Pierre Leveille, President & CEO
Bernard J. Tourillon, Executive V.P. and CFO
(514) 846-2133
TOLL FREE North America: 1 (866) 206-7475
(514) 372-0066 (FAX)
[email protected]
www.afri-can.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lead...
SYS-CON Events announced today that Daiya Industry will exhibit at the Japanese Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Ruby Development Inc. builds new services in short period of time and provides a continuous support of those services based on Ruby on Rails. For more information, please visit https://github.com/RubyDevInc.
SYS-CON Events announced today that CAST Software will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CAST was founded more than 25 years ago to make the invisible visible. Built around the idea that even the best analytics on the market still leave blind spots for technical teams looking to deliver better software and prevent outages, CAST provides the software intelligence that matter ...
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busine...
Is advanced scheduling in Kubernetes achievable? Yes, however, how do you properly accommodate every real-life scenario that a Kubernetes user might encounter? How do you leverage advanced scheduling techniques to shape and describe each scenario in easy-to-use rules and configurations? In his session at @DevOpsSummit at 21st Cloud Expo, Oleg Chunikhin, CTO at Kublr, will answer these questions and demonstrate techniques for implementing advanced scheduling. For example, using spot instances ...
As businesses evolve, they need technology that is simple to help them succeed today and flexible enough to help them build for tomorrow. Chrome is fit for the workplace of the future — providing a secure, consistent user experience across a range of devices that can be used anywhere. In her session at 21st Cloud Expo, Vidya Nagarajan, a Senior Product Manager at Google, will take a look at various options as to how ChromeOS can be leveraged to interact with people on the devices, and formats th...
First generation hyperconverged solutions have taken the data center by storm, rapidly proliferating in pockets everywhere to provide further consolidation of floor space and workloads. These first generation solutions are not without challenges, however. In his session at 21st Cloud Expo, Wes Talbert, a Principal Architect and results-driven enterprise sales leader at NetApp, will discuss how the HCI solution of tomorrow will integrate with the public cloud to deliver a quality hybrid cloud e...
SYS-CON Events announced today that Yuasa System will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Yuasa System is introducing a multi-purpose endurance testing system for flexible displays, OLED devices, flexible substrates, flat cables, and films in smartphones, wearables, automobiles, and healthcare.
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.
The session is centered around the tracing of systems on cloud using technologies like ebpf. The goal is to talk about what this technology is all about and what purpose it serves. In his session at 21st Cloud Expo, Shashank Jain, Development Architect at SAP, will touch upon concepts of observability in the cloud and also some of the challenges we have. Generally most cloud-based monitoring tools capture details at a very granular level. To troubleshoot problems this might not be good enough.
DevOps is under attack because developers don’t want to mess with infrastructure. They will happily own their code into production, but want to use platforms instead of raw automation. That’s changing the landscape that we understand as DevOps with both architecture concepts (CloudNative) and process redefinition (SRE). Rob Hirschfeld’s recent work in Kubernetes operations has led to the conclusion that containers and related platforms have changed the way we should be thinking about DevOps and...
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busine...
SYS-CON Events announced today that Dasher Technologies will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Dasher Technologies, Inc. ® is a premier IT solution provider that delivers expert technical resources along with trusted account executives to architect and deliver complete IT solutions and services to help our clients execute their goals, plans and objectives. Since 1999, we'v...
Enterprises have taken advantage of IoT to achieve important revenue and cost advantages. What is less apparent is how incumbent enterprises operating at scale have, following success with IoT, built analytic, operations management and software development capabilities – ranging from autonomous vehicles to manageable robotics installations. They have embraced these capabilities as if they were Silicon Valley startups. As a result, many firms employ new business models that place enormous impor...
SYS-CON Events announced today that Massive Networks, that helps your business operate seamlessly with fast, reliable, and secure internet and network solutions, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. As a premier telecommunications provider, Massive Networks is headquartered out of Louisville, Colorado. With years of experience under their belt, their team of...