Business
AJN Resources Inc. Enters Gold Province in The Democratic Republic of Congo ("DRC")
Vancouver, British Columbia--(Newsfile Corp. - February 6, 2020) - AJN Resources Inc. (CSE: AJN) (FSE: 5AT) ("AJN") announces that on January 18, 2020, AJN sign
About this update from Drc Gold Corp.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - February 6, 2020) - AJN Resources Inc. (CSE: AJN) (FSE: 5AT) (\"AJN\") announces that on January 18, 2020, AJN signed a Memorandum of Understand (MoU) with Société Minière de Kilo-Moto SA ('SOKIMO') whereby SOKIMO proposes to obtain from AJN the conversion of its rights to a direct participation in various gold licences held by SOKIMO into shares in AJN. The gold licences are located within the Kilo-Moto gold province in the north-east of the Democratic Republic of Congo ('DRC'). The gold licence numbers and equity interests to be secured include: Project Name Licence Number (\"PE\" Permis Exploitation) Interest Kibali Gold Mine 5052, 5073, 5088, 11447, 11467, 11468, 11469, 11470, 11471, 11472 10% (free carried) Zani-Kodo 5077, 5078, 5079, 5081 30% Giro Goldfields 5046, 5049 35% (free carried) Wanga (Tendao) 5045, 5050, 5054, 5056, 5069, 13062 35% (free carried) Nizi 5109, 5110 30% (free carried) Kibali South 13176 30% (free carried) Transaction AJN intends to raise a minimum of $CDN 20,000,000 via the issuance of securities in the capital of AJN. AJN can secure the direct participation rights in these gold projects held by SOKIMO in consideration of AJN issuing common shares equal to sixty percent (60%) of the issued and outstanding shares of AJN post-financing. The transaction is an arm's length transaction. On completion of this financing and satisfaction of all conditions, including but not limited to the delivery of all the securities, recordable assignments and related documents representing the rights to direct participation being transferred by Sokimo to AJN, AJN will issue common shares in the capital of AJN equal to sixty percent (60%) of the issued and outstanding common shares of AJN post-financing. All shares issued to SOKIMO under this transaction will be subject to a statutory 4 month hold period and will be so recorded and may be subject to regulatory escrow requirements as imposed by Canadian regulatory authorities. AJN and SOKIMO (the \"Parties\") will conclude a legal and technical due diligence within 90 days of signing of the MOU prior to obtaining all regulatory approvals (including approvals from the Canadian Securities Exchange \"CSE\") and execution of a final agreement before closing. The financing as well as the transfer to AJN of SOKIMO's entire right, t...