174 0 Kommentare African Gold Group Announces $5 Million Private Placement at $0.25 per Unit

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TORONTO, July 22, 2020 (GLOBE NEWSWIRE) -- African Gold Group, Inc. (TSX-V: AGG) (“AGG” or the “Company”) is pleased to announce a non-brokered private placement financing of up to 20,000,000 units (a “Unit”) at a price of $0.25 per Unit for gross proceeds of up to $5,000,000.00 (the “Offering”). Each Unit will consist of one common share of the Company and one half of one common share purchase warrant (each whole warrant a “Warrant”), with each Warrant entitling the holder to acquire one additional common share of the Company at an exercise price of $0.40 for a period of 24 months from issuance.

“Following the results of our robust feasibility study at a US$1,530 gold price on July 13, 2020 (a copy of which is posted on AGG’s website at www.africangoldgroup.com), we have received significant investor interest in financing the Kobada Gold Project,” states Danny Callow, Chief Executive Officer of the Company.

“Given the level of interest, we expect to be able to close the offering relatively quickly and focus on advancing the Kobada Gold Project. This financing will allow us to focus on infill drilling near-surface inferred oxide resources, with the goal of delivering a 1 million ounce gold reserve in the coming months.”

Closing of the Offering is expected to occur on or about July 27, 2020. In connection with the Offering, a finder’s fee may be payable in line with the policies of the TSX Venture Exchange. All securities issued in connection with the Offering will be subject to a statutory hold period of four-months and one day. Completion of the Offering is subject to a number of conditions, including without limitation, receipt of TSXV approval. The Company intends to use the proceeds of the Offering to continue to develop its Kobada Project in Mali and for general corporate purposes.

About African Gold Group

African Gold Group is a Canadian listed gold company on the TSX Venture Exchange (TSX-V: AGG) focused on the development of the Kobada Gold Project in southern Mali. For more information regarding African Gold Group visit our website at www.africangoldgroup.com.