AJN Resources arranges warrant exercise program

Executive Summary

• AJN Resources Inc. has launched a 30-day warrant exercise incentive program (Sept. 15, 2025 – Oct. 14, 2025) to encourage the exercise of up to 33,996,346 outstanding warrants.
• The incentive includes a temporary repricing of the exercise price to 10 cents per share and the grant of an additional warrant for each warrant exercised.
• The company also announced it will not proceed with a previously proposed amendment to the exercise price of 10,461,111 warrants due to lack of unanimous consent.

Key Details

• Warrant Pool: The program targets up to 33,996,346 outstanding common share purchase warrants, consisting of:
  • 13,415,000 warrants exercisable at 30 cents per share.
  • 21,207,446 warrants exercisable at 15 cents per share.
• Incentive Terms:
  • Repricing: Exercise price temporarily reduced to 10 cents per share for the duration of the program.
  • Bonus Warrants: Holders receive one additional share purchase warrant for each warrant exercised.
  • Bonus Warrant Terms: Exercisable at 30 cents per share for a period of four years from the date of issuance.
• Eligibility & Conditions:
  • Must complete and provide exercise documents, applicable funds, and a signed exemption certificate by Oct. 14, 2025.
  • Unexercised warrants after the period revert to original terms; no further incentive warrants will be issued.
• Use of Proceeds: Proceeds from warrant exercises will be used for technical and legal due diligence for a possible property acquisition, exploration on company properties, and general working capital.
• Hold Period: Incentive warrants and resulting shares are subject to a statutory hold period of four months and one day from issuance.
• Related-Party Transaction: Certain insiders are eligible to participate. The company relies on exemptions from formal valuation and minority shareholder approval under Multilateral Instrument 61-101, as the fair market value of warrants held by insiders does not exceed 25% of market capitalization.
• Previous Proposal Withdrawn: AJN will not proceed with the previously announced (July 18, 2025) amendment to reduce the exercise price of 10,461,111 warrants from 30 cents to 15 cents, as consent was not obtained from all holders.

Notable Quotes

• None provided in the text.