African Gold Acquisition, a blank check company led by South African investors and operators targeting the gold mining industry, filed on Thursday with the SEC to raise up to $300 million in an initial public offering.
The New York, NY-based company plans to raise $300 million by offering 30 million units at $10. Each unit will consist of one share of common stock and three-quarters of a warrant, exercisable at $11.50. At the proposed deal size, African Gold Acquisition will command a market value of $375 million.
The company is led by Chairman Robert Hersov, who is the CEO and Chairman of global business development and marketing agency S-Group; CEO and Director Christopher Chadwick, the founder and CEO of resource industry advisory firm African Axis; and CFO and Director Cooper Morgenthau, who previously served as SVP of Financial Planning & Analysis at Clarivate Analytics (CCC) and a VP at M. Klein and Company. African Gold Acquisition intends to focus on gold mining businesses with a combined total enterprise value of $1 billion to $2 billion.
African Gold Acquisition was founded in 2020 and plans to list on the NYSE under the symbol AGAC.U. The company filed confidentially on December 8, 2020. B. Riley FBR is the sole bookrunner on the deal.
