New Issue: Afcan closes final tranche of private placement for C$7.36 million

By Sheri Kasprzak

Atlanta, Nov. 23 - Afcan Mining Corp. closed the last tranche of its C$10,433,029 private placement for C$7,363,029.25.

The company sold 29,452,117 units at C$0.25 each. The units consist of one share and one half-share warrant. The whole warrants allow for an additional share at C$0.375 through Nov. 29, 2006.

The securities issued the offering are subject to a four-month hold.

Based in Toronto, Afcan is a gold mining company focused on projects in China. The company will use the proceeds from the financing for the construction of its Tanjianshan gold project in China.

Issuer:	Afcan Mining Corp.
Issue:	Units of one share and one half-share warrant
Amount:	C$7,363,029.25
Shares:	29,452,117 units
Price:	C$0.25
Warrants:	One half-share warrant per unit
Warrant expiration:	Nov. 29, 2006
Warrant strike price:	C$0.375
Announcement date:	Nov. 23
Stock price:	C$0.295 at close Nov. 23

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