Africa Oil Corp

[sumisu]

Raytec Increases Financing

Thursday March 20, 5:38 pm ET

http://biz.yahoo.com/iw/080320/0378019.html

VANCOUVER, BC--(MARKET WIRE)--Mar 20, 2008 -- Raytec Metals Corp. (the "Company") (CDNX:RAY.V - News) (Frankfurt:XZT.F - News) is pleased to announce that, further to the Company's news release dated February 13, 2008, and subject to regulatory approval, it has increased the previously announced non-brokered private placement of up to 8,000,000 units at a price of $0.45 per unit, to a total of up to 9,333,333 units at a price of $0.45 per unit for gross proceeds of $4,200,000.

Each unit will consist of one common share and one-half of one non-transferable share purchase warrant. Each whole warrant may be exercisable for a period of two years to acquire an additional common share of the Company at a price of $0.75 per whole share purchase warrant. The common shares, and share purchase warrants issued under this financing will be subject to a 4 month hold period from the date of closing, as per TSX Venture Exchange policy.

The warrants will contain a provision which provides that if, after the end of the 4 month hold period and until the expiry date of the warrants, the closing price of the Company's shares exceeds $1.25 for 10 consecutive trading days, the Company may accelerate the expiry date of the warrants to the date that is 30 days after the day the notice of the new expiry date is provided to the holders of the warrants.

The Company has received commitments for the full offering from several institutional investors.

Finder's fees in the form of cash and/or securities will be paid or issued pursuant to the policies of the TSX Venture Exchange.

The proceeds of the placement will be used for advancement of the Company's newly acquired potash properties and for general working capital.

On behalf of the Board,

RAYTEC METALS CORP.

Per:

Casey Forward, CFO, Director

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

Contact:
Contact:
Raytec Metals Corp.
Suite 1130 - 789 West Pender Street
Vancouver, BC, V6C 1H2
Tel: [phone]
Fax: [phone]

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Source: Raytec Development Corp.