IMDHIn My Darkest Hour (Megadeth song)
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In consideration for 20% of Thyme's shares, Afri-Can will issue 9,750,000 common shares to IMDH and 3,250,000 common shares to BVI, and make a cash payment of US$100,000 to IMDH.
In consideration for the remaining 80% of Thyme's shares, Afri-Can will start a geophysical survey within three months of signing the amendment, make a cash payment of US$50,000 to IMDH at that time, complete an initial resource delineation sampling program before 31 December, 2012, and issue a total of 52 million common shares to IMDH and BVI.
The technical teams of Afri-Can and IMDH are currently planning the geophysical survey, which will start once the transaction has been approved by authorities.
IMDH holds 75% interest and BVI has 25% in the EPL situated about 120 kilometres south of Luderitz.
Afri-Can Marine Minerals Corporation in October entered into an agreement with IMDH and BVI to acquire100% of the EPL in exchange for 65 million common shares of Afri-Can.