By Sheri Kasprzak
New York, March 20 - African Gold Group, Inc. said it plans to raise C$8 million in a private placement.
The non-brokered stock deal includes up to 4 million shares at C$2.00 each.
Proceeds will be used for working capital and for work on the company's Ghana and Mali gold properties, as well as the resumption of diamond drilling at the company's Kobada, Mali and Mankranho properties.
Toronto-based African is a gold exploration company.
| Issuer: | African Gold Group, Inc.
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| Issue: | Stock
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| Amount: | C$8 million (maximum)
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| Shares: | 4 million (maximum)
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| Price: | C$2.00
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| Warrants: | No
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| Placement agent: | Non-brokered
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| Pricing date: | March 20
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| Stock symbol: | TSX Venture: AGG
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| Stock price: | C$2.20 at close March 17
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