African Gold Group Closes Oversubscribed $4.6 Million Private Placement - Seite 2

In connection with the closing of the Offering, the Company has paid aggregate finder’s fees of $121,507.50 in cash and 810,165 finder’s warrants (“Finder’s Warrants”) to certain finders. Each Finder Warrant will entitle the holder thereof to purchase one Common Share at a price of $0.15 for a period of 24 months from the date of the closing of the Offering. All securities issued under the Offering are subject to a statutory hold period ending on June 25, 2021.

The securities offered under the Offering have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

ASX Dual Listing

The Company will commence investigating the merits of a dual listing on the Australian Stock Exchange ("ASX"). The Company believes that dual listing on ASX could provide a larger pool of investors to support the Kobada Gold Project.

Danny Callow, Chief Executive Officer of the Company commented, “We have seen continued good support from Australian institutional investors and feel that a dual listing could further raise the profile of AGG within Australia and provide access to Australian investors many of whom can only invest on the ASX.”

Investors Relations Agreement

Further to the Company’s press release dated April 2, 2020, the Company announces that the investors relations agreement dated as of March 27, 2020 between the Company and Hybrid Financial Ltd. has been terminated.

About African Gold Group

African Gold Group is a TSX Venture Exchange (TSX-V: AGG) listed exploration and development company with a focus on building Africa’s next mid-tier gold producer. The Company has a highly experienced board and management team with a proven track record in the African mining sector operating mines from development through to production. AGG’s principal asset is the Kobada Project in southern Mali, which is in an advanced stage of development having completed the 2020 definitive feasibility study and is targeting gold production of 100,000 oz per annum. As well as the initial Kobada Gold Project, other exploration locations have been identified on the Kobada, Farada and Kobada Est concessions, offering