African Gold Group, Inc. Private Placement of Up to 2 Million Unitsadmin
African Gold Group, Inc., announce that it has completed a non-brokered private placement for 322,600 units in the capital of AGG at $0.50 per Unit for gross proceeds of $161,300.00 to AGG. Each Unit is comprised of one common share of the Company and one-half of one warrant of the Company. Each whole warrant entitles the holder to purchase one additional common share of the Company at a price of $0.75 for a period of 18 months after the closing date.
The common shares issued under the Offering are subject to a four month and one day resale restriction and the Offering is subject to TSX-V approval.
This private placement forms part of a larger non-brokered private placement consisting of the issuance of up to 2,000,000 Units for gross proceeds of up to $1,000,000.00, which is expected to be fully completed on or around September 30, 2008.
Proceeds from this Offering will be used for general working capital purposes and for AGG’s continuing exploration programs.
African Gold Group, Inc., based in Toronto, Canada, is engaged in the identification, acquisition and exploration of prospective gold projects that are situated along significant gold trends within West Africa. To date, the Company controls a total of twelve gold concessions that are consolidated in five distinct standalone exploration projects, of which three projects are located in Ghana and the remaining two are located in Mali, West Africa.
Additional Information is available on the Company’s website at: www.africangoldgroup.com and on www.sedar.com and through the Company’s offices at: BCE Place, Canada Trust Tower, 27th Floor, 161 Bay Street, Toronto, Canada M5J 2S1.