African Gold Acquisition Corporation Announces Closing of Upsized $360 Million Initial Public Offering
African Gold Acquisition Corporation has successfully completed its upsized initial public offering, raising $360 million by selling 36 million units at $10.00 each, listed on the NYSE under the symbol AGAC.U. Each unit comprises one Class A ordinary share and three-quarters of a redeemable warrant, with a full warrant exercisable at $11.50 per share. The company aims to pursue a business combination primarily in the gold mining sector. The offering included an option for underwriters to purchase up to 5.4 million additional units. The registration became effective on February 25, 2021.
- Raised $360 million through successful IPO.
- Focus on potential business combination in the gold mining sector.
- Strong underwriter backing from B. Riley Securities, Inc.
- None.
New York, New York , March 02, 2021 (GLOBE NEWSWIRE) -- African Gold Acquisition Corporation (the “Company”) announced today the closing of its upsized initial public offering of 36,000,000 units at a price of
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 has granted the underwriters a 45-day option to purchase up to an additional 5,400,000 units at the initial public offering price to cover over-allotments, if any.
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.
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
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