African Discovery Group ("AFDG") lapses LOI to acquire Ouricha-3 Uranium exploration license in Niger

NIAMEY, Niger, Nov. 27, 2024 /PRNewswire/ -- In follow up to an announcement made in July of 2024 regarding a potential acquisition, it has been decided by all parties to lapse any potential opportunity to close the announced transaction between African Discovery Group and the license of Central Global Access International Niger for Uranium exploration.

Despite the highly promising geology and compelling valuation, the reasons for no longer a pursuit being the appropriate path for shareholders, involved the following reasoning:

1. Challenging US and French visa restrictions creating difficulty for technical and operating teams
2. Withdrawal of U.S. military troops from Niger
3. Ongoing house arrest precipitated by Coup d Etat, and overthrow of democratically elected Nigerien president.

For these primary reasons, it was deemed by the Board of Directors of AFDG to be a transaction in a country of asymmetric geopolitical risk, at this time, despite the compelling investment opportunity and global hyper growth being experienced in the global uranium industry at present.

African Discovery Group, Inc., is a Delaware corporation, dedicated to the development of the African continent. AFDG's wholly owned subsidiary, ADG Subsidiary Corp., is a Delaware corporation ("ADG"). AFDG's primary businesses from which ADG currently generates revenues and from which it intends to generate revenues in the future, include agriculture/sustainability, power, media, strategic minerals, and finance sectors on the African continent. The Company, through its wholly-owned subsidiary, is committed to all aspects of environmental, social and governance issues in its business.

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SOURCE African Discovery Group