Events

Afri-Can Marine Acquires 20% Stake in Thyme Investments

Afri-Can Marine Minerals Corporation completed an acquisition of 20 percent of the common shares of Thyme Investments Ltd., which is the sole owner of the exclusive prospecting license 3403, a marine diamond concession in Namibia, in exchange for common shares.

Afri-Can Marine issued 2,437,500 shares to International Mining and Dredging Holding (IMDH) Ltd. and 812,500 shares to BV Investments Four Hundred and Nine (BVI) Ltd., the owners of Thyme Investment. IMDH and BVI retain an 80 percent stake in Thyme until Afri-Can exercises its option to acquire the remaining shares, which it intends to do after fulfilling a diamond extraction sample program.

The first phase of the sampling program was completed in December with the extraction of 222 samples, leaving an additional 78 samples to complete the requirement, according to Afri-Can. Since May 2011, Afri-Can has invested more than $4 million in the sampling programs and one geophysical survey, which resulted in the extraction of 527 samples and the collection of 1,500 line-kilometers of high-definition surveying data. Afri-Can's complete program has discovered three deposits and recovered 102 gem-quality diamonds. Pierre Leveille, the president of Afri-Can, stated, "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." The 3403 license covers approximately 800 square kilometers offshore and is adjacent to the north of the Atlantic One Mining Lease, which is owned by Namdeb Diamond Corporation and producing in excess of 1.1 million carats per year.