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African Gold Group, Inc.: African Gold Group, Inc.: Financing Update

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  Published in Business and Finance on Friday, February 13th 2009 at 13:41 GMT, Last Modified on 2009-02-13 13:42:22 by Market Wire
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TORONTO, ONTARIO--(Marketwire - Feb. 13, 2009) - African Gold Group, Inc., ("AGG" or the "Company") (TSX VENTURE:AGG) announced that it has paid some additional finders compensation in conjunction with the completed non-brokered private placement (the "Placement") for 26,621,000 units ("Units") in the capital of AGG at $0.05 per Unit for gross proceeds of $1,331,050.00 to AGG. In addition to the amounts announced in AGG's press release on January 30, 2009, AGG has also paid an eligible person a cash fee of $2,840.50, and issued 113,620 Compensation Warrants, on the same terms announced January 30, 2009.

AGG also announced it has filed the requisite regulatory filings with the TSX Venture Exchange and received final acceptance of the Placement.

African Gold Group, Inc., based in Toronto, Canada, is engaged in the identification, acquisition and exploration of prospective gold projects that are situated along significant gold trends within West Africa. To date, the Company controls a total of twelve gold concessions that are consolidated in five distinct standalone exploration projects, of which three projects are located in Ghana and the remaining two are located in Mali, West Africa.

Additional Information is available on the Company's website at: [ www.africangoldgroup.com ] and on [ www.sedar.com ] and through the Company's offices at: BCE Place, Canada Trust Tower, 27th Floor, 161 Bay Street, Toronto, Canada M5J 2S1.

On Behalf of the Board:

Michael A. J. Nikiforuk, President, Director

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.