African Gold SPAC to Target ‘Well-Trodden’ Mining Countries – BNN

(Bloomberg) — African Gold Acquisition Corp., a special purpose acquisition company targeting gold assets on the continent, will price its stock on Thursday ahead of a listing aimed at raising funds to target “welltrodden” mining countries on the continent..

“We are the only Africa mining-focused SPAC amongst a sea of SPACs,” said Rob Hersov, the founder and chairman of the company, said by text message. Targets will be in known mining nations, “so no surprises. And we will likely buy a mining company and possibly add others thereafter.”

Hersov is the son of Basil Hersov, who ran AngloVaal Mining Ltd., the company founded by his father and once one of South Africa’s biggest mining companies. Chris Chadwick, a former director of Sibanye Stillwater Ltd., is chief executive officer.

The offer for about $300 million of stock has been “heavily oversubscribed,” Rob Hersov said.

“There isn’t a listed U.S. international gold mining company and there are a lot of interesting mining companies and assets looking for capital to expand,” he said.

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