African Gold Group Provides Corporate Update and Stock Option Grant
June 03 2019 - 5:00PM
African Gold Group, Inc. (TSX-V: AGG)
(“
AGG” or the “
Company”) is
pleased to announce that Mr. Stan Bharti has been appointed the
chairman of the board of directors and interim President & CEO
of the Company. Mr. Bharti is a professional engineer,
international financier, and seasoned entrepreneur. He has more
than 30 years of experience in business, finance, markets, and
operations. He has amassed over $3 billion worth of investment
capital for the companies that he has worked with. Mr. Bharti has
been pivotal in acquiring, financing, restructuring and building
dozens of established companies and bright start-ups throughout
North America, South America, Africa and Australia.
Mr. Bharti replaces Mr. Andrew Cheatle, who has
been the President & CEO of the Company for the past year. Mr.
Cheatle has been instrumental in assisting the Company with
completing the gap analysis for the Kobada Project in Mali and in
restructuring the capital structure of the Company.
“I would like to thank Mr. Cheatle for his
leadership and contributions to the Company during a time of
difficult capital markets,” said Mr. Bharti, “The board and I wish
Mr. Cheatle all the best in his new ventures.”
Mr. Cheatle said, “It has been a pleasure to
advance the Company and its Kobada Gold Project to this point. With
the current financing underway, the Company will, upon completion
of the financing, be well positioned to act upon the gap analysis
to complete a feasibility study that supports a 100,000 ounces of
gold per year project. I am also honoured to have appointed Dr.
Andreas Rompel as Vice-President Exploration. Dr. Rompel is a
renowned structural geologist whose skills and previous experience
in the geology of West Africa will further enhance the Company’s
growth.”
Dr. Rompel is a seasoned exploration
professional with three decades of mining and exploration
experience in a wide range of roles from President & CEO to
Country Manager and Corporate Development. Dr. Rompel has also
worked in a variety of commodities, including precious metals and
base metals as well as coking coal and cobalt. For more than a
decade Dr. Rompel evaluated capital projects within Anglo American
and was on the board of Spectrem (an Anglo American Company) as
Technical Director. He has worked in many countries on several
continents and has well developed multi-linguistic skills.
The Company is also pleased to announce that it
has appointed Kenny Choi as the Corporate Secretary of the Company.
Mr. Choi is a corporate lawyer who is corporate secretary and legal
consultant to various TSX and TSX Venture listed companies in the
mining and technology industries. He was previously an associate at
a large Toronto corporate law firm, where he worked on a variety of
corporate and commercial transactions. Mr. Choi studied at Western
University, where he obtained a Juris Doctor from the Faculty of
Law and an Honours Business Administration degree from the Ivey
Business School. Mr. Choi Replaces Mr. Damian Lopez, the former
Corporate Secretary of the Company.
Stock Option Grant
The Company has granted a total of 3,050,002
stock options to certain officers, directors and consultants of the
Company pursuant to the Company’s stock option plan. The stock
options vest immediately and may be exercised at a price of $0.225
(the closing price of the common shares of the Company as of the
date of this press release) per option for a period of five years
from the date of grant. This grant of options is subject to the
approval of the TSX Venture Exchange.
About African Gold Group
African Gold Group is a Canadian listed
exploration and development company on the TSX Venture Exchange
(TSX V:AGG) with its focus on developing a gold platform in West
Africa. Its principal asset is the Kobada Project in southern Mali.
For more information regarding African Gold Group visit our website
at www.africangoldgroup.com.
For further information please
contact:
Stan
Bharti
Interim President and Chief Executive
Officer
(416) 861
2267
Forward-Looking 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 with respect to the future plans or
intentions 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 state 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
the Company to be materially different from those expressed or
implied by such forward-looking information, including but not
limited to: general business, economic, competitive, geopolitical
and social uncertainties; the actual results of exploration
activities; regulatory risks; risks inherent in foreign operations;
and other risks of the oil and gas industry. Although the Company
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. The Company
does not undertake to update any forward-looking information,
except in accordance with applicable securities laws.
NEITHER THE 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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