African Gold Group, Inc. Announces Early Warrant Exercise Incentive Program
25 März 2014 - 5:48PM
Marketwired
African Gold Group, Inc. Announces Early Warrant Exercise Incentive
Program
TORONTO, ONTARIO--(Marketwired - Mar 25, 2014) - African Gold
Group, Inc., ("AGG" or the "Company") (TSX-VENTURE:AGG) is pleased
to announce the implementation of a warrant exercise incentive
program (the "Program") intended to encourage the exercise of up to
10,211,229 outstanding common share purchase warrants (the
"Eligible Warrants") of the Company which were issued as part of
the Company's private placement which closed on September 4, 2013.
Each Eligible Warrant is currently exercisable for one common share
(each a "Common Share") of the Company at a price of $0.12 per
Common Share, and expires at 5:00 p.m. (Toronto time) on September
4, 2015.
To the extent that holders of Eligible Warrants take advantage
of the opportunity to exercise their Eligible Warrants early, this
will fund working capital purposes. Eligible Warrants that remain
unexercised following the completion of the Early Exercise Period
(defined below) will continue to be exercisable for Common Shares
on the original terms as they existed prior to the Program.
Pursuant to the Program, the Company is offering an inducement
to each holder of Eligible Warrants ("Warrant Holders") that
exercises Eligible Warrants during an early exercise period (the
"Early Exercise Period") consisting of an additional common share
purchase warrant (each an "Incentive Warrant"), with each Incentive
Warrant entitling the Warrant Holder to purchase one additional
Common Share until 5:00 p.m. (Toronto time) on September 4, 2015 at
a price of $0.20 per Common Share.
The Early Exercise Period will commence tomorrow March 26, 2014
at 9:00 a.m. (Toronto time) and expire on April 15, 2014 at 5:00
p.m. (Toronto time) (the "Early Exercise Expiry Date"). The
Incentive Warrants and any Common Shares issuable on the exercise
thereof will be subject to a four-month hold period from the date
of issuance of the Incentive Warrants pursuant to applicable
Canadian securities laws.
Depending upon the number of Eligible Warrants exercised during
the Early Exercise Period, the Company expects to:
- receive gross proceeds of up to $1,225,347.48;
- issue up to 10,211,229 Common Shares pursuant to the exercise
of Eligible Warrants in accordance with the terms of the Eligible
Warrants; and
- issue up to 10,211,229 Incentive Warrants to Warrant Holders
pursuant to the exercise of the Eligible Warrants on or before the
Early Exercise Expiry Date.
The terms and conditions of the Program and the method of
exercising Eligible Warrants pursuant to the Program are set forth
in a letter which is being delivered to the registered address of
each Warrant Holder along with a representation and warranties
confirmation confirming that the securities exemptions to be relied
upon by the Company under the Warrant Holder's previous
subscription agreement are still true in relation to the issuance
of the Incentive Warrants. Warrant Holders who wish to participate
in the Program will agree to exercise their Warrants and deliver
the other necessary documents in consideration of the issuance by
the Company of the Incentive Warrants.
The Program has received conditional approval from the TSX
Venture Exchange (the "Exchange") and is subject to the receipt of
all final regulatory approvals, including final approval of the
Exchange.
African Gold Group, Inc., based in Toronto, Canada, is fully
focused on transitioning from an exploration/development company
into a gold producer. In conjunction with this objective, a full
Feasibility Study is currently underway for AGG's Kobada, Mali gold
project. The Company is projecting the Feasibility Study will be
completed in Q3/2014, at which time, the Company will submit an
application to obtain an Exploitation License to the appropriate
Malian authorities.
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: Sun Life Financial Tower, Suite 2518, 150
King St. West, Toronto, Canada, M5H 1J9.
On Behalf of the Board:
Michael A. J. Nikiforuk, President, Director
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
African Gold Group, Inc.Michael A. J. Nikiforuk(647)
288-0453majn@africangoldgroup.comwww.africangoldgroup.com
African Gold (TSXV:AGG)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
African Gold (TSXV:AGG)
Historical Stock Chart
Von Jun 2023 bis Jun 2024