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Aranjin Resources Ltd. (TSXV: ARJN) ("Aranjin Resources" or the "Company"), is pleased to announce a non-brokered private placement of up to $1,000,000 (the "Private Placement") through the sale of units of the Company (the "Units") at a price of $0.02 per Unit. Each Unit is comprised of one common share of the Company and one common share purchase warrant with each warrant exercisable for one common share at a price of $0.05 per share for a period of 24 months from closing.
The proceeds of the Private Placement will primarily be used to fund the ongoing exploration program at the Victory Nickel Discovery where an active exploration program is currently underway. The Company also plans to complete a deep drill hole on the Bayan Undur Copper Project mining licences.
The Private Placement is anticipated to close on or about June 22, 2023, or such later date as the Company may determine. The closing is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the TSX Venture Exchange (TSXV).
The securities issued in connection with the Private Placement will be subject to a hold period of four months plus a day from the date of issuance pursuant to applicable securities laws.
The Company is also pleased to announce that it plans to pursue a dual listing of its common shares on the Australian Securities Exchange ("ASX"). The Company's focus is on Mongolia and it believes that a listing of its common shares on the ASX will assist with historical liquidity and valuation issues. It will also serve as a better venue for trading for its Asian based shareholders.
Ali Haji will be stepping down as CEO of the Company as it looks to trim its executive team and Board. The Board wishes to thank him for his contributions. Matthew Wood will continue in his role as Executive Chairman of the Company.
Exploration work at the Sharga Copper Project is on hold pending resolution of the licence dispute with MRPAM. A Notice of Intent to submit a Claim to Arbitration was filed with the Government of Mongolia on May 25, 2023.
Matthew Wood, Executive Chairman of Aranjin Resources Ltd commented, "We are excited to announce this private placement and we look forward to an active summer of exploration in Mongolia at our nickel and copper projects. With approximately 50% of our shareholders now based in Asian time zones, the Company has decided to pursue a dual listing on the ASX in 2023."
On behalf of the Board
Matthew Wood
Executive Chairman
Aranjin Resources Ltd.
+976 7732 1914
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/169580
