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‘A SPAC is a special purpose acquisition company and it’s like an IPO in reverse’, says Hersov. ‘Ours is the only Africa and only mining SPAC on the market – in a sea of them’. He tells BizNews founder Alec Hogg about how the exciting process works and what it entails.
African Gold SPAC Targeting ‘Well-Trodden’ Nations Raises Cash
By Antony Sguazzin
(Bloomberg) – African Gold Acquisition Corp., a special purpose acquisition company targeting gold assets on the continent, raised a more-than-expected $360m ahead of a listing in New York on Friday.
“We are the only Africa mining-focused SPAC amongst a sea of SPACs,” Rob Hersov, the founder and chairman of the company, said by text message. Potential acquisitions will be in “well-trodden mining countries, 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, the company founded by his father and once one of South Africa’s biggest mining companies. Chris Chadwick, a former director of Sibanye Stillwater, is chief executive officer.
The offer, which was initially set to raise $300m, saw stock sold at $10 a share.“There are a lot of interesting mining companies and assets looking for capital to expand,” Hersov said.