AJN Resources receives $345,000 from warrant exercise

Executive Summary

• AJN Resources Inc. completed its warrant exercise incentive program, resulting in the issuance of 3.45 million common shares and 3.45 million incentive warrants for gross proceeds of $345,000.
• The company announced an intention to close a non-brokered private placement of 30 million units at $0.10 per unit, targeting gross proceeds of $3,000,000.
• Mark Gasson resigned as a director but will remain as corporate secretary; the warrant exercise involved a related party transaction with three directors.

Key Details

• Warrant Exercise Incentive Program:
  • Total warrants exercised: 3.45 million.
  • Exercise price: $0.10 per share.
  • Gross proceeds from exercise: $345,000.
  • Issuance: 3.45 million common shares and 3.45 million incentive warrants.
  • Incentive Warrant Terms: Entitles holder to purchase one additional common share on or before October 31, 2029, at an exercise price of $0.30 per share.
  • Hold Period: Four-month hold period from issuance date for incentive warrants and resulting shares.
  • Unexercised Warrants: Remain outstanding and exercisable on current terms.
• Private Placement:
  • Type: Non-brokered private placement of units.
  • Price: $0.10 per unit.
  • Quantity: 30 million units.
  • Gross Proceeds: $3,000,000.
  • Unit Composition: One common share and one share purchase warrant.
  • Warrant Terms: Each warrant entitles holder to purchase one additional common share at $0.15 per share for a two-year period.
• Use of Proceeds:
  • Technical and legal due diligence for possible property acquisitions.
  • Exploration on company properties.
  • General working capital purposes.
• Corporate Governance / Related Party Transaction:
  • Three directors participated in the warrant exercise incentive program.
  • Classified as a related party transaction under Multilateral Instrument 61-101.
  • Exemptions relied upon: Sections 5.5(a) and 5.7(1)(a) of MI 61-101 (fair market value of shares/warrants issued to insiders did not exceed 25% of market capitalization).
  • Board approval obtained; no material change report filed 21 days prior as insider participation was not known at that time.
• Management Changes:
  • Mark Gasson resigned as a director.
  • Mark Gasson continues as corporate secretary.

Notable Quotes

• None provided in the text.