African Gold Group Announces Shareholder Approval of Name Change and Share Consolidation, Adoption of Stock Option Plan
13 Juni 2022 - 2:00PM
African Gold Group, Inc. (TSX-V: AGG, OTC: AGGFF, FRA: 3A61)
(“
AGG” or the “
Company”)
announces that at the meeting of shareholders of the Company (the
“
Shareholders”) held on June 8, 2022 (the
“
Meeting”), the Company received the approval of
the Shareholders to proceed with a name change and a consolidation
of the share capital of the Company.
It is expected that on June 15, 2022, the
Company’s name will change from “African Gold Group, Inc.” to
“Toubani Resources Inc.” (the “Name Change”). The
Company’s stock symbol on the TSX Venture Exchange will also change
to “TRE”. The CUSIP number assigned to the common shares of the
Company following the name change is 89157R104.
It is also expected that on June 15, 2022, the
Company will proceed with a consolidation of its issued and
outstanding share capital on the basis of one (1)
post-consolidation common share for each three (3)
pre-consolidation common shares (the
“Consolidation”). Any fraction of a share will be
rounded down to the nearest whole number. The shares will begin
trading on a consolidated basis with the new CUSIP number on June
15, 2022.
As a result of the Consolidation, the
outstanding shares of the Company will be reduced to approximately
72,199,014. Management of the Company believes that the proposed
share consolidation will position the Company to gain greater
exposure to investors that are not willing to trade equity stocks
below a certain threshold and as a result, increase the liquidity
of the Company.
For more information on the Name Change and the
Consolidation, please refer to the Company’s Management Information
Circular dated May 4th, 2022, available on the Company’s SEDAR
profile at www.sedar.com.
Trading on a Consolidated Basis: June 15,
2022New CUSIP: 89157R104New ISIN: CA89157R1047
Adoption of Stock Option
Plan
At the Meeting, Shareholders also approved the
adoption of an amended stock option plan (the “Amended
Plan”) for the ensuing year. The Amended Plan reserves for
issuance 10% of the issued and outstanding shares of the Company on
a rolling basis to be issued as options to purchase common shares
in the Company. The full text of the Amended Plan is available in
the Company’s Management Information Circular dated May 4th,
2022.
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 completion of the
Consolidation, the completion of the Name Change, receipt of
regulatory approvals, the estimated completion time of the
Consolidation and the Name Change, the expansion of mineral
resources and reserves, and drilling and exploration plans of the
Company. 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 TSX-V and Canadian
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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