By Marketwire,
January 30, 2009 at 10:16 PM
TORONTO, ONTARIO--(Marketwire - Jan. 30, 2009) - African Gold Group, Inc., ("AGG" or the "Company") (TSX VENTURE:AGG) is pleased to announce that it has completed a non-brokered private placement (the "Placement") for 26,621,000 units ("Units") in the capital of AGG at $0.05 per Unit for gross proceeds of $1,331,050.00 to AGG. Each Unit is comprised of one common share of the Company and one warrant of the Company ("Warrant"). Each warrant entitles the holder to purchase one additional common share of the Company for a period of 24 months (the "Expiry Date") at an exercise price of: (i) $0.10 per common share for the first 6 months from the date of closing; and (ii) $0.15 per common share thereafter until the Expiry Date.