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RAPAPORT... Afri-Can Marine Minerals Corporation will proceed with and close a non-brokered private placement for gross proceeds of a maximum of $200,000 as it has received commitments for the full amount. The non-brokered private placement will be comprised of 5 million units at a subscription price of 4 cents per unit. Each unit will consist of one common share of Afri-Can Marine and one half of a common share purchase warrant. The warrants will expire in two years and entitle the holder to purchase one common share at an exercise price of 6 cents during the first year from the date of closing, and this increases to 10 cents during the second year. 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. Afri-Can intends to use the proceeds to maintain its assets, for debt repayment and for working capital purposes. In other news, Afri-Can Marine stated that its technical team has reached an advanced stage of assessing the mining lease database under an option with Diamond Fields International Ltd. The main goal of the assessment is to resume off-shore diamond production as soon as possible. Some areas will need further exploration such as geophysical surveying and sampling in order to properly define the resource and establish a definitive mining plan, according to the company. Afri-Can's priority is to identify the areas that could resume mining in the shortest time frame and plan a resource development program for the remaining parts of those leases. Afri-Can is conducting negotiations with its contractor in order to charter a mining vessel and subsequently, a sampling vessel.
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