New Issue: African Gold completes C$1.33 million private placement of units

By Devika Patel

Knoxville, Tenn., Jan. 30 - African Gold Group, Inc. said it concluded a C$1.33 million non-brokered private placement of units. The deal priced for C$1.1 million on Dec. 30.

The company sold 26,621,000 units of one common share and one warrant at C$0.05 per unit.

Each two-year warrant will be exercisable at C$0.10 in the first six months and at C$0.15 thereafter.

Proceeds will be used for general working capital.

African Gold is a gold exploration company based in Toronto.

Issuer:	African Gold Group, Inc.
Issue:	Units of one common share and one warrant
Amount:	C$1,331,050
Units:	26,621,000
Price:	C$0.05
Warrants:	One warrant per unit
Warrant expiration:	Two years
Warrant strike price:	C$0.10 in the first six months, C$0.15 thereafter
Agent:	Non-brokered
Pricing date:	Dec. 30
Settlement date:	Jan. 30
Stock symbol:	TSX Venture: AGG
Stock price:	C$0.075 at close Dec. 30

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