- AJN Resources Inc. (AJN) receives endorsement from the Democratic Republic of the Congo (DRC) for a memorandum of understanding (MoU) between the two parties
- The MoU is in regards to AJN’s plans to acquire several exploration permits in the Kilo-Moto Gold Belt
- The state has assessed exploration areas of value which haven’t seen advancement
- AJN will hold a 100 per cent indirect interest in the licences through Congo Resources SAU
- AJN Resources Inc. (AJN) is unchanged trading at $0.32 per share as of 2:56 p.m. ET
AJN Resources (AJN) has received endorsement from the Democratic Republic of the Congo (DRC) for an MOU between the two parties.
The MOU is in relation to the proposed acquisition of several exploration permits by AJN in the highly prospective Kilo-Moto Gold Belt in DRC.
The Government of DRC has approved the relationship between the state and AJN Resources now that it has been provided with additional information relating to the management and structure of AJN, and the structure and merits of the transaction.
The state has assessed exploration areas of value that have never been advanced or explored over the past 75 years.
The assets under review include highly prospective gold projects in the Kilo-Moto Belt, and a number of licences that are prospective for lithium in the Manono area. According to the MoU, those selected assets will be made available to the newly created “Congo Resources SAU”.
Over the coming weeks, the government and AJN will work on transferring the selected licences to Congo Ressources SAU.
Upon a successful closing of the proposed transaction, AJN will hold a 100 per cent indirect interest in the secured licences through Congo Resources SAU, and the state will be issued a number of common shares in the capital of AJN equal to 60 per cent of the fully diluted issued and outstanding common shares at closing.
Upon closing, the board of AJN will consist of a total of five directors, two of whom will be state-appointed directors.
AJN Resources Inc. (AJN) is unchanged trading at $0.32 per share as of 2:56 p.m. ET.
