AGAC African Gold Acquisition Corporation

African Gold Acquisition Corporation (the “Company”) announced today that it closed the sale of an additional 5,400,000 units pursuant to the full exercise of the underwriter’s option to purchase additional units in connection with the Company’s upsized initial public offering at a price of $10.00 per unit, resulting in gross proceeds of $54,000,000 and bringing the total gross proceeds of the upsized initial public offering to $414,000,000.  

African Gold Acquisition Corporation is a blank check company incorporated for the purpose of effecting a merger, amalgamation, share exchange, share purchase, asset acquisition, reorganization or similar business combination with one or more businesses. While the Company may pursue a business combination target in any industry, the Company intends to focus on a target with operations or prospective operations in the gold mining sector. The Company is led by Chairman Robert Hersov, Vice Chairman Brian Hinchcliffe, Chief Executive Officer Christopher Chadwick and Chief Financial Officer Cooper Morgenthau.

B. Riley Securities, Inc. acted as the sole book running manager of the offering.

The Company’s units are listed on The New York Stock Exchange (the “NYSE”) and trade under the ticker symbol “AGAC.U”. Each unit consists of one Class A ordinary share and three-quarters of one redeemable warrant, with each whole warrant exercisable to purchase one Class A ordinary share at a price of $11.50 per share. After the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed the NYSE under the symbols “AGAC” and “AGAC.W,” respectively.

Registration statements relating to these securities became effective on February 25, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Of the proceeds received from the consummation of the upsized initial public offering (as well as the full exercise of the option to purchase additional units) and related private placement of warrants, $414,000,000 (or $10.00 per unit sold in the public offering) was placed in trust. An audited balance sheet of the Company as of March 2, 2021 reflecting receipt of the proceeds upon consummation of the upsized initial public offering and the concurrent private placement (but not including the closing of the additional units described herein or the private placement on such date) was included as an exhibit to a Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission (the “SEC”).

The offering was made only by means of a prospectus. When available, copies of the prospectus relating to this offering may be obtained from B. Riley Securities, Inc., 1300 17th Street N., Suite 1400, Attn: Syndicate Prospectus Department, Arlington, Virginia 22209, by telephone at (800) 846-5050 or by email at prospectuses@brileyfin.com.

Cautionary Note Concerning Forward-Looking Statements This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering and search for an initial business combination. No assurance can be given that the proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statements for the initial public offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact Cooper Morgenthau info@africangoldcorp.com