Afri-Can Marine Minerals Corporation (TSXV:AFA) completed the acquisition of a 20% interest in the Exclusive Prospecting Licence 3403 marine diamond concession in Namibia. Thyme Investments (Pty) Ltd. is the sole owner of the Exclusive Prospecting Licence, and exchanged 20% of their common shares for common shares of the Company.
As quoted in the press release:
In accordance with the agreement announced on October 25th, 2010, between Afri-Can and the owners of 100% of Thyme which were International Mining and Dredging Holding Ltd (“IMDH”) and BV Investments Four Hundred and Nine (Pty) Ltd. (“BVI”), Afri-Can has issued 2,437,500 Afri-Can common shares to IMDH and 812,500 Afri-Can common shares to BVI. As a result of this transaction, IMDH and BVI retain an 80% interest in Thyme until such time as Afri-Can exercises its option to acquire the remaining shares of Thyme. After issuance of the 3,250,000 Afri-Can shares to IMDH and BVI, there are 86,527,864 Afri-Can common shares outstanding.
Afri-Can Marine Minerals Corporation President and CEO, Pierre Léveillé said:
We are very pleased with the results of this multi-phase exploration program. Results to date lead to resource development as well as eventual trial mining on targeted areas. We feel that we are sitting on a strong project in a very solid industry.