AJN Completes Warrant Exercise Incentive Program and Intention to Close $3,000,000 Private Placement

Executive Summary

• AJN Resources exercised 3,450,000 warrants at $0.10 per share, raising $345,000 and issuing equal numbers of common shares and incentive warrants.
• The company announced a non‑brokered private placement of 30,000,000 units at $0.10 per unit, targeting $3,000,000 gross proceeds for due diligence, property acquisitions, exploration, and working capital.
• Director Mark Gasson resigned from the board but will remain as corporate secretary.

Key Details

• Warrant Exercise: 3,450,000 warrants exercised @ $0.10/share → $345,000 gross proceeds; resulted in issuance of 3,450,000 common shares and 3,350,000 incentive warrants (each exercisable at $0.30 until 31 Oct 2029).
• Use of Warrant Proceeds: Technical & legal due diligence for potential property acquisitions, exploration on existing properties, and general working capital.
• Related Party Transaction: Exercise involved three directors; deemed exempt under MI 61‑101 as the fair market value issued does not exceed 25% of market cap. No material change report filed because insider participation was unknown at the time.
• Private Placement: Plan to issue 30,000,000 units @ $0.10 per unit → $3,000,000 gross proceeds; each unit = 1 common share + 1 warrant (exercise price $0.15 per share, two‑year term).
• Use of Private Placement Proceeds: Same purposes as above – due diligence for possible property acquisitions, actual acquisitions, exploration activities, and working capital.
• Holding Periods: Both the incentive warrants and securities from the private placement are subject to a four‑month hold period per Canadian securities regulations.
• Director Change: Mark Gasson resigned as director; will continue serving as corporate secretary.

Notable Quotes

(No direct quotes were provided in the release.)