Afri-Can Marine Minerals Corporation (AFA.V) and Deep-South
) Ltd (a Namibian private company), announced that Teck Cominco
Namibia Limited, a wholly owned subsidiary of Teck Resources
Limited (TCK-B.TO), has informed Deep-South that it has incurred
the required exploration expenditures and payments and has
exercised its option to earn a 70% undivided interest in the Haib
copper project in Namibia.
AFA is now up 0.5 cents at 6.5 cents, having earlier touched 8
In order to acquire its 70% interest Teck had until December
31st, 2012 to incur exploration expenditures totaling US$2 million
and to incur optional non-cumulative cash payments to Deep South
totaling US$700,000 over 4 years. The exploration expenditures were
incurred 16 months earlier than required pursuant to the
The remaining 30% interest in the Haib copper project will be
divided equally between Deep-South and Afri-Can, and Afri-Can will
exchange its interest in the property for 50% of the common shares
of Deep-South. Thereafter, Deep-South will seek a listing for its
common shares on a Canadian Exchanges and on the Namibian Stock
Exchange. Upon the listing of Deep-South, Afri-Can will transfer
its common shares of Deep-South to Afri-Can's common shareholders
through a share dividend payment. The exact terms of the listing
and dividend payment will be finalized in the coming weeks and will
be subject to regulatory approval.
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