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African Discovery Group (AFDG), a New York-based firm focused on Africa, has signed an agreement for a capital investment in Ogelle, an African-centered social media platform. AFDG will hold a 5% interest with an option to acquire an additional 5%. CEO Alan Kessler will join Ogelle's parent company, Reddot Television Network, Ltd., as a board member. The partnership aims to leverage Ogelle's unique platform that aggregates African content, addressing a significant gap in communication sources across the continent. Additionally, AFDG's common stock is now DTC-eligible, enhancing trading efficiency.
African Discovery Group has completed a private capital raise, securing $634,546 by selling 9,064,943 shares at $0.07 each. This transaction represents approximately 1.3% of the company's outstanding shares. The funds will be allocated to advance existing projects, general corporate purposes, and cover costs related to a reverse merger completed in November 2020. AFDG focuses on diversified business development in Africa, with growth strategies in various sectors, including agriculture, minerals, and oil and gas.
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