Afri-Can Marine Minerals (AFA-M) plans to raise $1.75 million via private placements of 8.3 million units at 21 apiece with European, Canadian and African investors.
Each unit consists of one share and half a share purchase warrant. One full warrant allows the holder to buy one share for 30 over 18 months. The placements are subject to regulatory approval.
The proceeds are earmarked for sampling programs at the Woduna concession (Block J) and the Together Quando concession (Block B) at the company’s marine diamond concession north of Luderitz, off the coast of Namibia.
The Montreal-based company aims to prove the presence of diamonds on the concessions and to begin delineation of resources. Work will start when Afri-can receives the final interpretation of the results of a previous geophysical survey on the concessions.
Earlier this year, Afri-Can completed aerial and marine geophysical surveys of blocks J and B. The company says three prominent areas may have potential for diamond entrapment:
- a near-shore, 8-sq.-km sedimentary deposit;
- various bedrock trap sites within a 30-sq.-km area; and
- shallow depressions in a 10-sq.-km area extending from the coastline to 2 km offshore.
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