Afrasia Mineral Fields cancels C$1.53 million private placement, arranges scaled-down deal

By Sheri Kasprzak

New York, Oct. 24 - Afrasia Mineral Fields Inc. said it will not proceed with its previously announced C$1,525,000 private placement, but will instead conduct an offering for up to C$375,000.

The new deal includes 1.5 million units at C$0.25 each.

The units are comprised of one share and one half-share warrant. The whole warrants allow for the purchase of another share at C$0.35 each for two years.

The initial offering was terminated because Afrasia has decided not to proceed with its proposed participation and farm-in agreement with Angels Exploration Fund Inc. to drill a test well in the Red Earth area of Alberta.

Based in Vancouver, B.C., Afrasia is a mineral exploration company.

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