Proceeds to be used for feasibility study and working capital purposes
By Devika Patel
Knoxville, Tenn., Sept. 3 – African Gold Group, Inc. said it settled a C$1.23 million non-brokered private placement of units.
The company sold 24,623,428 units of one common share and one warrant at C$0.05 per unit. Each warrant is exercisable at C$0.06 for three years. The strike price reflects a 50% premium to the Sept. 2 closing share price of C$0.04.
Proceeds will be used to complete the feasibility study for the Kobada Gold Project in Mali as well as for working capital purposes.
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$1,231,171
|
| Units: | 24,623,428
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.06
|
| Agent: | Non-brokered
|
| Settlement date: | Sept. 3
|
| Stock symbol: | TSX Venture: AGG
|
| Stock price: | C$0.04 at close Sept. 2
|
| Market capitalization: | C$10.16 million
|
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