AFRICAN GOLD - H4 - Nov 2021

African Gold Group Closes Oversubscribed C$5 Million Private Placement

ursuant to the Offering, the Company issued 36,744,285 units of the Company (each a “Unit” and collectively, the “Units”) at a price of C$0.14 per Unit. Each Unit consists of one common share of the Company and one half of a common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Each Warrant entitles the holder to acquire one additional common share of the Company at an exercise price of $0.25 until November 7, 2023. If at any time after March 8, 2022, the common shares of the Company trade at $0.50 per common share or higher (on a volume weighted adjusted basis) for a period of 10 consecutive days, the Company will have the right to accelerate the expiry date of the Warrants to the date that is 30 days after the Company issues a news release announcing that it has elected to exercise this acceleration right.