African Discovery Group completes capital raise to fund existing projects
African Discovery Group, Inc., a diversified, African-focused, business development company, has announced that 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.
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.