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African Gold targets C$5M capital raise to advance Kobada gold project

West Africa-focused African Gold Group Inc. plans to raise up to C$5 million via a nonbrokered private placement of up to 23,809,500 units at 21 Canadian cents per unit.

The company said May 29 that it will use the proceeds to continue development at its Kobada gold project in Mali and for general corporate purposes.

Each unit will consist of a common share and a purchase warrant exercisable for two years for an additional common share at 30 cents apiece.

The offer is expected to close June 21.