African Discovery Group, Inc. Announces Completion of Capital Raise

Rhea-AI Summary

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.

Positive

• Raised $634,546 through a private capital raise.
• Funds will support existing projects and corporate purposes.
• Focus on diversified growth initiatives across multiple sectors in Africa.

Negative

• None.

NEW YORK, Feb. 8, 2021 /PRNewswire/ -- African Discovery Group, Inc., a Nevada Corporation, (OTC: AFDG) is pleased to announce it has successfully completed a private capital raise.

AFDG has raised $634,546 in a private fundraising transaction, selling 9,064,943 shares at a private offering price of $0.07 per share.  The restricted shares being issued constitute approximately 1.3% of AFDG's shares that are now issued and outstanding.  The proceeds of the offering are being used to advance AFDG's existing projects, for general corporate purposes, and in conjunction with the November, 2020 reverse merger related costs.

About African Discovery Group, Inc.

African Discovery Group, Inc. is a diversified, African-focused, business development company, with its principal office based in New York City. The Company has existing agreements with Monitor Power Systems, Inc. ("MPS"), a New York and Norwegian-based project corporation specializing in developing critical power and infrastructure projects in Africa which, when financed and completed, will provide ADG with a multi-year royalty stream, thus facilitating additional facets of African Discovery Group's intended diversification in Africa. New revenue is additionally intended to be derived from agricultural/ environmental, strategic minerals, media and financial sectors. Additional future growth initiatives exist in the African oil & gas, logistics, pharmaceutical and real estate sectors.

www.africandiscoverygroup.com

Contact:

African Discovery Group, Inc.
Harry Green, CFO
445 Park Avenue, 9th Floor
New York, NY 10022, USA
e-mail: hg@africandiscoverygroup.com

 

View original content:http://www.prnewswire.com/news-releases/african-discovery-group-inc-announces-completion-of-capital-raise-301224008.html

SOURCE African Discovery Group, Inc.

FAQ

How much capital has AFDG raised recently?

African Discovery Group has raised $634,546 through a private capital raise.

What price per share was set in AFDG's recent capital raise?

The shares were sold at a private offering price of $0.07 each.

What percentage of AFDG's shares were issued in the recent offering?

The shares issued constitute approximately 1.3% of AFDG's outstanding shares.

What will the proceeds from AFDG's capital raise be used for?

The proceeds will be used to advance existing projects, for general corporate purposes, and to cover reverse merger costs.

What sectors is AFDG focusing on for growth?

AFDG is focusing on agriculture, strategic minerals, oil and gas, logistics, pharmaceuticals, and real estate for growth.