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Combined Company, "Copper Intelligence" to become the first stand-alone Democratic Republic of Congo (DRC) company to be publicly traded in the United States.
African Discovery Group (OTC:AFDG) ("AFDG" or the "Company") announced today that shareholders have approved the Company's pending merger with Butembo Copper Exploration license in the DRC to acquire 100% of the shares of SOCIETE GRABIN MINING SAS (the "Transaction"). Subject to the completion of the closing, the stock-based transaction will create a dedicated copper exploration company, with a focus on creating value around Africa and DRC specifically focused on under-explored basins of copper.
"We are proud to have delivered this compelling opportunity for shareholders, and are confident in our ability as a combined company, to participate in a substantial buildout of copper on a global scale," said Alan Kessler, the outgoing Chairman and CEO of African Discovery Group. "According to Rio Tinto, African deposits make up eight out of the ten highest grade copper deposits discovered since 1990 globally. DRC's copper production itself is among the largest in the world, with the DRC itself concentrating 65% of newly announced copper reserves identified worldwide, according to S&P Global Market Intelligence. Because of the resolution of numerous geopolitical differences precluding this development previously in the DRC, the Trump administration has paved the way for this commercialization process."
He added, "We are confident the copper demand environment between grid modernization, data usage, electronic vehicles, and telecommunications, rural electrification of India, Artificial Intelligence infrastructure, next generation defense systems to name a few, will continue to put broad demand-based pressure on global supply. A favorable environment for the commodity has additionally been augmented by the strategic mineral designation of Copper by the US government, as well as recent mega mergers of Copper producers. Under the leadership of Andrew Groves and Aldo Cesano, who have spent their careers developing mining projects in the DRC and the region, we look forward to their buildout of this pioneering African company."
The transaction is expected to close imminently, subject to the satisfaction or waiver of customary closing conditions. When completed, the Merger will result in the combined company becoming the first stand-alone DRC company to be publicly traded in the United States.
EAS Advisors LLC have acted as the corporate advisor for the Company on the Transaction.
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Media Contact:
www.copperintelligence.com
Maxine Gordon
mg@africandiscoverygroup.com
(917) 478-0406
View original content:https://www.prnewswire.com/news-releases/african-discovery-group-announces-shareholder-approval-of-butembo-merger-agreement-302662498.html
SOURCE African Discovery Group
