AJN Resources Raises $345,000 Through Warrant Exercise Program

AJN Resources Inc. has successfully completed a warrant exercise incentive program, resulting in the exercise of 3,450,000 warrants at a price of $0.10 per share. This initiative generated gross proceeds of $345,000 for the company, which plans to utilize these funds for technical and legal due diligence related to potential property acquisitions, exploration activities, and general working capital.

Following the exercise of these warrants, AJN issued an equal number of common shares and incentive warrants. Each incentive warrant allows the holder to purchase an additional common share at a price of $0.30 before October 31, 2029. The exercise of these warrants is a significant step for AJN Resources, reflecting confidence from investors in the company’s future prospects.

Details of the Warrant Program and Related Transactions

All unexercised warrants under this program will remain active and can still be converted into common shares under their existing terms. The participation of three directors in the warrant exercise program constitutes a related party transaction, as defined by Multilateral Instrument 61-101. AJN Resources is relying on exemptions provided within MI 61-101, since the fair market value of the securities issued to insiders does not exceed 25 percent of the company’s market capitalization.

The board of directors has reviewed and approved these transactions. Notably, the company did not file a material change report regarding the related party transaction at least 21 days prior to the closure of the warrant exercise incentive program, as participation by insiders was not known at that time.

The incentive warrants and any shares issued upon their exercise are subject to a four-month hold period from the date of issuance, in compliance with Canadian securities laws and the regulations of the Canadian Securities Exchange.

Private Placement Plans and Leadership Changes

In addition to the warrant exercise program, AJN Resources announced its intention to conduct a non-brokered private placement. The company aims to issue a total of 30,000,000 units at a price of $0.10 per unit, which would yield gross proceeds of $3,000,000. Each unit will consist of one common share and one share purchase warrant, with each warrant allowing the purchase of an additional common share at an exercise price of $0.15 for a two-year period.

The net proceeds from this private placement will also be directed towards due diligence for potential property acquisitions, exploration of the company’s current assets, and general working capital requirements.

Furthermore, AJN Resources confirmed the resignation of Mark Gasson as a director, although he will continue to serve as the corporate secretary. The company expressed gratitude for Gasson’s contributions during his tenure on the board.

AJN Resources Inc. is a junior exploration company based in Vancouver, with management and directors boasting over 75 years of collective experience in exploration, financing, and the development of major mines globally, particularly in Africa. For further inquiries, investors can reach out to Sheena Eckhof, Director of Investor Relations, at [email protected] or visit the company’s website at www.ajnresources.com.

The information presented in this announcement includes forward-looking statements related to management’s expectations and plans. As with all forward-looking statements, actual results may differ significantly due to various factors and uncertainties. AJN Resources Inc. disclaims any obligation to update or revise these statements unless required by law.

Neither the Canadian Securities Exchange nor its Market Regulator is responsible for the adequacy or accuracy of this release. This announcement is not intended for distribution to United States newswire services or dissemination in the United States.