Diamond EPL changes hands
Afri-Can Marine Minerals Corporation has announced completion of the acquisition of 20% of the common shares of Thyme Investments, which is the sole owner of marine diamond EPL3403, in exchange for common shares of Afri-Can.
In accordance with the agreement announced on 25 October 2010 between Afri-Can and the owners of 100% of Thyme which were International Mining and Dredging Holding and BV Investments Four Hundred and Nine. BV Investment, Afri-Can has issued 2,437,500 Afri-Can common shares to International Mining and Dredging Holding and 812,500 Afri-Can common shares to BV Investment.
As a result of this transaction, International Mining and Dredging Holding and BV Investment 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 International Mining Dredging Holding and BV Investment, there are 86,527,864 Afri-Can common shares outstanding.