Mining-focused SPAC African Gold Acquisition prices upsized $360 million IPO

African Gold Acquisition, a blank check company led by South African investors and operators targeting the gold mining industry, raised $360 million by offering 36 million units at $10. The company offered 6 million more units than anticipated. Each unit will consist of one share of common stock and three-quarters of a warrant, exercisable at $11.50.

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 plans to list on the NYSE under the symbol AGAC.U. B. Riley FBR acted as a lead manager on the deal.