By Devika Patel
Knoxville, Tenn., Sept. 8 - African Gold Group, Inc. said it plans a C$1 million non-brokered private placement of units and that it has already raised C$161,300 in an initial tranche.
The company will sell up to 2 million units at C$0.50 apiece. It sold 322,600 units in the first tranche.
Each unit consists of one common share and one half-share warrant. Each full warrant is exercisable into at C$0.75 for 18 months.
Proceeds will be used for general working capital purposes and for continuing exploration programs.
African Gold is a gold exploration company based in Toronto.
| Issuer: | African Gold Group, Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1 million
|
| Units: | 2 million
|
| Price: | C$0.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.75
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 8
|
| Pricing date: | Sept. 8 (for C$161,300)
|
| Stock symbol: | TSX Venture: AGG
|
| Stock price: | C$0.49 at close Sept. 5
|
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