AGG Enters Binding LOI With Hummingbird Resources for Strategic Investment and Joint Development of the Kobada Gold Project
African Gold Group Inc (AGG_CDNX)
Company Research
Source: Marketwire
TORONTO, ONTARIO -- (Marketwired) -- 09/27/17 -- African Gold Group, Inc. (TSX VENTURE:AGG) ("AGG" or the "Company") is pleased to announce that it has executed a binding letter of intent ("LOI") for the purchase by HUM of up to 19.9% of the common shares of AGG and the ongoing joint development of AGG's Kobada Gold Project (the "Transaction"). Financing On closing of the Transaction, HUM will purchase 40,000,000 units of AGG ("Units") at a price of CDN$0.09 per Unit for gross proceeds to AGG of CDN$3,600,000, which, on closing will represent 10% of the issued and outstanding common shares of AGG. Each Unit will be comprised of one common share of AGG (each, an "AGG Share") and one common share purchase warrant ("Warrant") with each Warrant entitling the Investor to purchase one additional AGG Share at a price of CDN$0.12 for a period of 36 months following closing of the Transaction. In addition, AGG will grant HUM a right (the "HUM Subs
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