African Gold Acquisition Corporation Makes Major

New York, New York, Aug. 26, 2022 (GLOBE NEWSWIRE) — African Gold Acquisition Corporation (NYSE: AGAC.U) (the “Company”) announced that it has filed a Form 8-K today with the Securities and Exchange Commission (the “SEC”) to make certain material disclosures:

• On August 22, 2022, in conjunction with the Company’s financial advisors, members of the Company’s board of directors (the “Board”) discovered improper withdrawals from the Company’s operating bank accounts and the subsequent concealment of these withdrawals, which transactions commenced during the quarterly period ended March 31, 2022.  Upon these discoveries, the Board immediately launched internal investigations, began a series of discussions with its advisors, took actions necessary to safeguard Company accounts and sought to recover funds.  From these Board investigations and discussions with its advisors, it appeared that Cooper Morgenthau, the Chief Financial Officer and a director of the Company, had made those improper withdrawals from and after January 2022 and took deliberate actions to conceal them, including by falsifying documents (the “Irregularities”).  The services of Mr. Morgenthau as Chief Financial Officer have terminated and the Company is in the process of formally removing Mr. Morgenthau as a director and officer pursuant to its Memorandum and Articles of Association.
• Brian Hinchcliffe, the Vice Chairman of the Company’s Board, has been designated as Interim CFO until a permanent successor is retained.
• The Company has not as yet filed its Form 10-Q for the quarter ended June 30, 2022. On August 23, 2022, the Company  received a notice (“Notice”) from the NYSE Regulation staff of the New York Stock Exchange (the “NYSE”)  providing that, as a result of its failure to timely file such Form 10-Q, it was not in compliance with the NYSE’s continued listing requirements under the timely filing criteria established in Section 802.01E of the NYSE…