ST∩╗┐. PETER PORT, GUERNSEY--(Marketwire - Aug. 13, 2012) - The Au Limited Partnership ("AU"), of St. Peter Port, Guernsey, in accordance with regulatory requirements, announces that it has acquired in a private placement of 6,250,000 units of Afri-Can Marine Minerals Corporation ("Afri-Can") (TSX VENTURE:AFA) at a price of $0.16 per Unit. Each Unit comprises one common share of Afri-Can's capital (representing 8.35% of Afri-Can's issued and outstanding common Shares) as well as one common share purchase warrant entitling the holder to acquire one additional common share at a price of $0.20 per common share until July 31, 2015.
Further to the private placement, AU directly owns 12,500,000 Common Shares (representing 16.70% of the issued and outstanding common shares) and 12,500,000 warrants entitling to acquire 12,500,000 common shares. Should AU's exercises all its warrants, its holdings would represent 28.62% of the issued and outstanding common shares issued on a partially diluted basis.
The position in Afri-Can was acquired for investment purposes and may be increased or decreased in the future as considered appropriate in light of investment criteria, market conditions and other factors and in accordance with the provisions of applicable securities legislation.
Additional information is provided in the early warning report filed by AU on www.sedar.com