Business
Aranjin Resources Completes Private Placement
Ulaanbaatar, Mongolia--(Newsfile Corp. - July 21, 2023) - Aranjin Resources Ltd. (TSXV: ARJN) (th...
About this update from Trinity One Metals Ltd.
[{"type":"text","content":"Aranjin Resources Completes Private PlacementUlaanbaatar, Mongolia--(Newsfile Corp. - July 21, 2023) - Aranjin Resources Ltd. (TSXV: ARJN) (the \"Company\" or \"Aranjin\") announces that it has completed its previously announced non-brokered private placement of 53,782,668 units of the Company (\"Units\") at a price of $0.02 per Unit, for aggregate gross proceeds of approximately $1,075,653 (the \"Offering\"). Each Unit consists of one common share of the Company (a \"Share\") and one common share purchase warrant (a \"Warrant\").Each Warrant will be exercisable for one Share at a price of $0.05 per Share for a period of 24 months from the closing of the Offering, provided that in the event that the daily volume weighted average closing price of the Shares on the TSX Venture Exchange (the \"TSXV\") or a recognized Canadian stock exchange equals or exceeds $0.10 for a period of 20 consecutive trading days, the Company may accelerate the expiry date of the Warrants by issuing a press release announcing the reduced Warrant term and in such case, the Warrants will expire on the 30th calendar day after the date such press release is issued.The proceeds from the Offering will be used for exploration and development on the Company's mining projects and for general corporate purposes.All the securities issued under the Offering will be subject to a four month hold period expiring November 21, 2023. The Offering remains subject to the final acceptance of the TSXV. In connection with the Offering, the Company paid cash finder's fees of $52,539. Matthew Wood, Chairman of Aranjin Resources Ltd., commented, \"We are delighted with the strong investor support for our private placement and we look forward to an active summer of exploration at our copper projects.\" In connection with the Offering, a related party to the Company has agreed to acquire an aggregate 10,000,000 Units, for gross proceeds of $200,000. The acquisition of the Units will be considered a \"related party transaction\" pursuant to Multilateral Instrument 61-101- Protection of Minority Security Holders in Special Transactions (\"MI 61-101\") requiring the Company, in the absence of exemptions, to obtain a formal valuation for, and minority shareholder approval of, the \"related party transaction\". The Company is relying on an exemption from the formal valuation requirement...