African Metals Corp. (TSXV:AFR) announced a best-efforts basis private placement of 7,500,000 units at CAD 0.11 per unit for gross proceeds of CAD 825,000 on January 27, 2012. Each unit will consist of one common share and one-half of one share purchase warrant. Each warrant will have an exercise price of CAD 0.15 for a period of 18 months. The company will pay finders' fees in accordance with the policies of the TSX Venture Exchange. On February 22, 2012, the company announced that it has amended the terms of the transaction. The company will now raise up to CAD 1,320,000 in the transaction by issuing 12,000,000 units.