African Critical Minerals: AJN Resources, listed on the Canadian Securities Exchange, plans to raise CAD 3 million through a private placement for its African exploration projects

¬ AJN Resources will raise CAD 3 million through a private placement for African exploration

¬ The funds will be used to support lithium in the Democratic Republic of Congo, gold in Ethiopia, and potential acquisition projects

¬ The plan includes issuing 30 million shares at CAD 0.10 per share; all assets are in the early exploration stage

AJN Resources plans to launch a private placement to raise CAD 3 million (approximately USD 2.1 million). This small mining company listed on the Canadian Securities Exchange (CSE) announced the news on Tuesday, November 11. The company has lithium and gold assets in Africa and plans to use the funds raised to support the exploration of its mineral resources after the financing is completed.

AJN Resources plans to issue a total of 30 million shares at CAD 0.10 per share. Although the company did not specify which assets will benefit from this financing, it is currently conducting lithium exploration at the Kabunda South and Manono North-East projects in the Democratic Republic of Congo. In addition, the company launched gold exploration at the Okote project in Ethiopia earlier this year.

According to a cooperation agreement signed in May last year, AJN agreed to fund the exploration of the Okote project in exchange for a 70% stake in the project. In September, the company announced that it had initiated preliminary exploration activities before a broader exploration plan. All these assets are still in the early stages of exploration.

AJN may also expand its portfolio and noted that part of the funds will be used for due diligence on potential asset acquisitions. The company is not the only Canadian junior mining company accelerating its expansion in Africa. For example, in June last year, Koulou Gold announced that it had raised USD 13 million through a private placement to fund the exploration of its gold projects in Côte d'Ivoire.

Source: ecofinagency

Original: www.toutiao.com/article/1848694806200324/

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