African Gold Group Announces a $3 Million Private Placement and Continues to Build Team, Daniyal Baizak Joins as VP Corporate Development
— 4:00 PM ET 08/14/2019
TORONTO, Aug. 14, 2019 (GLOBE NEWSWIRE) -- African Gold Group, Inc. ( AGGFF
) (“AGG” or the “Company”) is pleased to announce that Daniyal Baizak has been appointed VP Corporate Development.
Mr. Baizak will spearhead the ongoing business development efforts for AGG, seeking additional attractive growth opportunities, while the Company organically moves from a developer to producer. Mr. Baizak is a business consultant with considerable experience providing financial and strategic advice on mergers and acquisitions and managing multiple projects for a variety of private and public companies in Central Asia. Mr. Baizak holds a Bachelor of Commerce from Rotman School of Management, University of Toronto.
“With a strong asset base in a stable region, the recent financing in place, the addition of Danny Callow focused on mine development, Andy Rompel heading up exploration and now Daniyal seeking additional growth opportunities, African Gold provides an excellent platform from which to grow into a significant mid-tier producer,” said Mr. Stan Bharti, Chairman and Chief Executive Officer of the Company. “The timing could not be more favourable as, I believe, we are just on the cusp of one of the most bullish gold environments I have seen in my long career in mining.”
“It is an honor to be joining African Gold Group ( AGGFF
) with such an experienced management team and geologically exciting project. It is especially exciting to join at this time as African Gold is poised to grow into a significant mid-tier producer in West Africa,” commented Mr. Daniyal Baizak, VP Corporate Development.
$3 Million Private Placement
The Company is also pleased to announce a non-brokered private placement financing of up to 14,285,714 units (a “Unit”) at a price of $0.21 per Unit for gross proceeds of up to $3,000,000.00 (the “Offering”). On July 24, 2019, the Company filed a price reservation form with the TSX Venture Exchange (the "TSXV") to price protect the placement of up to Units at a price of $0.21 per Unit. Each Unit will consist of one common share of the Company and one common share purchase warrant, entitling the holder to acquire one additional common share of the Company at an exercise price of $0.30 for a period of 24 months from issuance.
Closing of the Offering is expected to occur on or about August 23, 2019. In connection with the Offering, a finder’s fee may be payable in line with the policies of the TSX Venture Exchange. All securities issued in connection with the Offering will be subject to a statutory hold period of four-months and one day. Completion of the Offering is subject to a number of conditions, including without limitation, receipt of TSXV approval. The Company intends to use the proceeds of the Offering to continue to develop its Kobada Project in Mali and for general corporate purposes.
About African Gold Group ( AGGFF )
African Gold Group ( AGGFF ) is a Canadian listed exploration and development company on the TSXV with its focus on developing a gold platform in West Africa. Its principal asset is the Kobada Project in southern Mali. For more information regarding African Gold Group ( AGGFF
) visit our website at www.africangoldgroup.com.