RAPAPORT... Afri-Can Marine Minerals Corporation closed the second tranche of a $1 million brokered private placement announced in April through Trinity Assets Management International Ltd. The closing of another $1 million is expected shortly, according to the company. The firm also raised $435,480 by way of a non-brokered private placement. To date, Afri-Can Marine has raised aggregate gross proceeds of $2,435,480 from private placements.
Afri-Can will pay Trinity a finder's fee of $50,000 in connection with the brokered placement and has paid Jennings Capital Inc. a finder's fee of $34,838 and issued 217,740 compensation warrants in connection with the non-brokered placement.
A single investor provided the subscription of both the first and second tranche, which exceeds 10 percent of Afri-Can's issued and outstanding common shares, and is now considered to be an insider of the corporation. The second $1 million subscription has been closed "in trust" subject to Canada's securities exchange approval.