AJN Resources closes $3-million private placement

Executive Summary

• AJN Resources Inc. has closed a non-brokered private placement of units, raising $3 million in gross proceeds.
• The company issued 30 million units at a price of $0.10 per unit, with each unit consisting of one common share and one share purchase warrant.
• Net proceeds will be utilized for due diligence on potential property acquisitions, exploration of existing properties, and working capital.

Key Details

• Gross Proceeds: $3,000,000
• Price Per Unit: $0.10
• Total Units Issued: 30,000,000 units
• Unit Composition: Each unit comprises one common share and one share purchase warrant.
• Warrant Terms:
  • Each warrant entitles the holder to purchase one additional common share.
  • Exercise Price: $0.15 per warrant share.
  • Duration: Two-year period.
• Trading Restrictions: Securities issued and any warrant shares issued upon exercise are restricted from trading until March 20, 2026.
• Use of Proceeds: Due diligence for possible property acquisitions, exploration of company properties, and working capital purposes.
• Transaction Costs: No bonus, finder's fee, commission, agent's option, or other compensation was paid in connection with the private placement.
• Shareholder Impact: The issuance resulted in a new shareholder holding in excess of 20% of the common shares; however, this will not change or materially affect control of the company.

Notable Quotes

• None provided in the text.