Business
AJN Resources Inc. Signs MOU with Democratic Republic of the Congo
Vancouver, British Columbia--(Newsfile Corp. - February 8, 2022) - AJN Resources Inc. (CSE: AJN) (FSE: 5AT) ("AJN") is pleased to announce that it has entered i
About this update from Drc Gold Corp.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - February 8, 2022) - AJN Resources Inc. (CSE: AJN) (FSE: 5AT) (\"AJN\") is pleased to announce that it has entered into a memorandum of understanding (the \"MoU\") with the Democratic Republic of the Congo (\"DRC\" or the \"State\") to acquire a number of exploration permits in the highly prospective Kilo Moto Gold Belt in North-East DRC, which hosts Barrick's Kibali Gold Mine. On February 6, 2020, AJN announced that it had entered into a memorandum of understanding with State entity, Société Minière de Kilo-Moto SA (\"SOKIMO\"), which is a DRC para-statal entity, pursuant to which AJN could secure the direct participation rights in several established gold projects held by SOKIMO. At that time AJN also announced its intention to raise a minimum of $CDN20,000,000 via the issuance of securities in its capital. As consideration for the direct participation rights AJN was to issue common shares in its capital equal to sixty percent (60%) of the issued and outstanding common shares of AJN post-financing. Subsequent to signing the memorandum of understanding with SOKIMO, and after numerous consultations with representatives of the State, the State advised that AJN should deal directly with the State as after two years from signing the original memorandum of understanding with AJN, SOKIMO had still to receive the required approvals. The DRC subsequently decided to conclude the proposed transaction with AJN through its wholly-owned subsidiary, Congo Resources SAU. Pursuant to the MoU with the DRC, the State will transfer a number of prospective exploration permits, mostly within the Kilo-Moto Gold Belt, (which hosts Barrick's Kibali Gold Mine and other prospective areas within the DRC), to Congo Resources SAU. Within 15 working days of signing the MoU, the State will establish a list of all permits which will be made available to AJN. AJN will have a 60-day period to evaluate and select all permits of interest that have been offered by the DRC. AJN will have a further 180 days of the signing of the MoU to conclude legal and technical due diligence. During this period, AJN will assess the mineralised potential of the selected licences and decide which licences are not to be included in the transaction. Transaction Pursuant to the proposed transaction, AJN can secure a direct 100% interest i...