Business
AJN Resources Announces That Democratic Republic of The Congo State Endorses The MOU Signed Between AJN And The Democratic Republic of The Congo
Vancouver, British Columbia--(Newsfile Corp. - April 19, 2022) - AJN Resources Inc. (CSE: AJN) (FSE: 5AT) ("AJN") is pleased to announce an update, further to A
About this update from Drc Gold Corp.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - April 19, 2022) - AJN Resources Inc. (CSE: AJN) (FSE: 5AT) (\"AJN\") is pleased to announce an update, further to AJN's February 8, 2022 announcement of the signing of the Memorandum of Understanding (the \"MoU\") with the Government of the Democratic Republic of the Congo (the \"DRC\" or the \"State\"), on the proposed acquisition by AJN of a number of exploration permits in the highly prospective Kilo-Moto Gold Belt in North-East DRC (the \"Transaction\"). The Government of DRC, having requested and subsequently having been provided with additional information relating to the management and structure of AJN, and the structure and merits, to the DRC, of the Transaction, the Government of DRC has now approved the relationship between the State and AJN Resources. The State has assessed a number of exploration areas of merit, which have been held through a variety of joint ventures with various companies, but which have never been advanced or explored over the past 75 years. The assets under review include several highly prospective gold projects in the Kilo-Moto Belt, which hosts Barrick's Kibali Gold Mine, and a number of licences which are prospective for lithium in the Manono area. According to the MoU, those selected assets will be made available to the newly created, State wholly owned subsidiary, \"Congo Ressources SAU\". Over the coming weeks the State and AJN will work on transferring the selected licences, which have been returned to the public domain, to Congo Ressources SAU. Upon the successful closing of the proposed Transaction, AJN will hold a 100% indirect interest in the secured licences through Congo Ressources SAU, and the State shall have been issued that number of common shares in the capital of AJN equal to sixty percent (60%) of the fully diluted issued and outstanding common shares of AJN at closing. On closing, the board of AJN will consist of a total of five directors, two of whom will be State-appointed directors. Closing of the Transaction will be subject to certain conditions precedent including the completion of satisfactory due diligence by AJN and AJN having obtained all necessary governmental and regulatory approvals and confirmation from all relevant government agencies that all outstanding legal charges, royalties, and taxes have been paid. AJN's ex...