African Gold Group, Inc. (TSX-V: AGG, OTC: AGGFF, FRA: 3A61)
(“
AGG” or the “
Company”) is
pleased to announce that it intends to seek a dual listing on the
Australian Securities Exchange (“
ASX”).
ASX Listing
The Company intends to seek to list on ASX in
the coming months and has received in-principle advice from ASX
indicating that subject to satisfaction of certain conditions, the
Company would be suitable for listing on ASX. Whilst the final
approval of the listing is subject to the Company meeting certain
customary requirements of the ASX, the receipt of the in-principle
advice allows the Company to move forward with its plans for and
preparation of a prospectus for the ASX listing.
Danny Callow, CEO of AGG,
commented:
“We are very excited to receive the in-principle
approval from the ASX, the first step in the process to securing an
ASX listing. Our decision to seek a dual listing on the ASX is a
result of significant support from Australian investors into our
Kobada Project in South-Western Mali. We believe that a dual
listing will unlock further opportunities through access to a
broader pool of informed capital, and for AGG to unlock its full
value for shareholders. Following our ASX listing, AGG will focus
on expanding our total 3.2-million-ounce mineral resource along
multiple highly prospective drill targets, and further enhancing
our current definitive feasibility study which shows attractive
economics for a 100,000oz per annum gold project over the first 10
years of production.”
Board Update
The Company has also decided to strengthen its
board of directors (the “Board”) with the addition
of an Australian domiciled, independent director well known in the
investment community and very experienced in guiding companies
through the process from developer to producer. The Company is
pleased to announce the appointment of Tim Kestell to the
Board.
Mr. Kestell is an accomplished executive with
over 25 years of experience in the capital markets, including
working for HSBC, Patersons Securities and Euroz Securities
Limited. Mr. Kestell played an instrumental role as a director and
an investor in a number of companies in the mining sector,
including Capricorn Metals and Emerald Resources NL, enabling the
transition from explorer to producer stage.
After serving for almost two years and guiding
the Company through a critical stage of its strategic process, Mr.
Scott Eldridge, Non-Executive Chairman of the Company has made the
decision to step down from the Board to pursue other interests.
Scott will continue as a consultant on an as-required basis and
will maintain existing options awards to expiry. Mr. Jan-Erik Back,
Deputy Chairman of the Board will step up to the Chairman role.
The Company has granted a total of 1,446,666
stock options to certain directors of the Company pursuant to the
Company`s stock option plan. The stock options vest immediately and
may be exercised at a price of $0.10 per option for a period of
five years from the date of grant. This grant of options is subject
to the approval of the TSX Venture Exchange
Danny Callow, CEO of AGG,
commented:
“Over the past two and a half years we have
spent a significant amount of time in restructuring the Company.
This has involved spending a significant amount of time in
delivering an economically attractive definitive feasibility study
on our flagship Kobada Project, as well as growing the mineral
resource by 40% and the ore reserves by more than 140%. At the same
time, the Company has streamlined the Board, significantly reduced
corporate and overhead costs and positioned the company for the
next stage of its growth strategy. The decision to appoint Tim to
the Board, who is well known and respected in the Australian
investor community will set the Company on its trajectory to
achieve its strategic goals. I would personally like to welcome Tim
to the Company and wish him well as he transitions into the new
role. Finally, on behalf of the Company, I would like to thank our
outgoing Chairman, Mr. Scott Eldridge for his unwavering support
over the past two years guiding the structural corporate changes
and wish him all the very best in his future endeavours.”
About African Gold Group
African Gold Group is a TSX Venture Exchange
(TSX-V: AGG) listed exploration and development company with a
focus on building Africa’s next mid-tier gold producer. The Company
has a highly experienced board and management team with a proven
track record in the African mining sector operating mines from
development through to production. AGG’s principal asset is the
Kobada Project in southern Mali, which is in an advanced stage of
development having completed the 2021 definitive feasibility study
and is targeting gold production of 100,000 oz per annum. As well
as the initial Kobada Gold Project, other exploration locations
have been identified on the Kobada, Farada and Kobada Est
concessions, offering potential for an increase in resource. For
more information regarding African Gold Group visit our website at
www.africangoldgroup.com.
For more information:
Danny CallowPresident and Chief Executive Officer+
(27) 76 411 3803Danny.Callow@africangoldgroup.com |
Daniyal BaizakVice President, Corporate
Development +1 (647) 835
9617Daniyal.Baizak@africangoldgroup.com |
|
|
Jan-Erik Back Non-Executive Chairman of the
BoardJan-Erik.Back@africangoldgroup.com |
Camarco (Financial PR)Gordon Poole / Charlotte
Hollinshead +44 (0) 20 3757 4997AfricanGoldGroup@camarco.co.uk |
|
|
Cautionary statements
This press release contains “forward-looking
information” within the meaning of applicable Canadian securities
legislation. Forward-looking information includes, but is not
limited to, statements regarding, the dual-listing of the Company
on the ASX, filing of a prospectus in Australia, appointment of
directors of the Company, grant of incentive stock options,
expansion of mineral resources and reserves, upside potential of
the Project, drilling and exploration plans of the Company, and
development timetable with respect the Project. Generally,
forward-looking information can be identified by the use of
forward-looking terminology such as “plans”, “expects” or “does not
expect”, “is expected”, “budget”, “scheduled”, “estimates”,
“forecasts”, “intends”, “anticipates” or “does not anticipate”, or
“believes”, or variations of such words and phrases or statements
that certain actions, events or results “may”, “could”, “would”,
“might” or “will be taken”, “occur” or “be achieved”.
Forward-looking information is subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of AGG to be
materially different from those expressed or implied by such
forward-looking information, including but not limited to: receipt
of necessary approvals from the ASX and Australian regulatory
authorities; general business, economic, competitive, political and
social uncertainties; future prices of mineral prices; accidents,
labour disputes and shortages; available infrastructure and
supplies; the COVID-19 pandemic and other risks of the mining
industry. Although AGG has attempted to identify important factors
that could cause actual results to differ materially from those
contained in forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such information will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking information. AGG does not undertake to update any
forward-looking information, except in accordance with applicable
securities laws.
NEITHER 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.
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