|By Marketwire .||
|July 4, 2012 02:00 PM EDT||
MONTREAL, QUEBEC -- (Marketwire) -- 07/04/12 -- Afri-Can Marine Minerals Corporation ("Afri-Can" or the "Corporation") (TSX VENTURE:AFA) announces that the Corporation will give effect to the consolidation of its common shares on the basis of four (4) pre-consolidation common shares for one (1) post-consolidation common share and that the post-consolidation common shares will commence trading on the TSX Venture Exchange at the opening of markets this Thursday, July 5, 2012 under the current symbol "AFA" and new CUSIP number 008278202.
Afri-Can shareholders authorized the consolidation at the shareholders' special meeting held on June 1, 2012.
The 238,524,984 pre-consolidation common shares issued and outstanding will be consolidated into approximately 59,631,246 post-consolidation common shares. If, as a result of the consolidation, a shareholder would otherwise be entitled to a fraction of a post-consolidation common share, the number of post-consolidation common shares will be rounded to the nearest whole number. The Corporation's currently outstanding stock options and warrants will be adjusted on the same basis with proportionate adjustments being made to the stock option and warrant exercise prices.
Afri-Can will mail letters of transmittal to the registered holders of its common shares, requesting that they forward their pre-consolidation common share certificates to the Corporation's transfer agent, Computershare Investor Services Inc., for exchange for new common share certificates representing their common shares on a post-consolidation basis.
About Afri-Can Marine Minerals Corporation
Afri-Can is a Canadian corporation, actively involved in the acquisition, exploration and development of major properties in Namibia. Afri-Can's creative and scientific approach targets large marine diamond deposits in prospective territories.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.