AJN RESOURCES INC. (CSE: AJN) (Frankfurt: 5AT) Announces Update Of The $1,256,115 Convertible Debenture Financing
AJN RESOURCES INC. (CSE: AJN) (Frankfurt: 5AT) Announces Update Of The $1,256,115 Convertible
Debenture Financing
Vancouver, BC, April 8, 2020 – AJN Resources Inc. (CSE: AJN) (Frankfurt: 5AT) (“AJN”) is pleased to
provide the following update for the Convertible Debenture financing announced February 6, 2020. The
Convertible Debenture Subscription Agreement has been completed by Neo Gold Limited. Through the
Convertible Debenture financing AJN will raise $1,256,115 and issue 12.56115 Convertible Debentures.
Neo Gold Limited has advised AJN that the funds will be wired next week. The funds will be used for
general working capital.
The Convertible Debentures will be dated as of their date of issue and will mature on the date which is
three (3) years from such date (“Maturity”) and bear simple interest of 2.5% per annum. The
Convertible Debentures will be issuable only as fully registered Convertible Debentures in
denominations of $100,000 and integral multiples thereof.
The Convertible Debentures will be convertible at the holder’s option into fully paid and non-assessable
common shares (“Shares”) in the capital of AJN at a base conversion price of $0.40 per Share, being a
rate of 250,000 Shares for each C$100,000 principal amount of Convertible Debentures (subject to
adjustment as stipulated herein). The election to convert the Convertible Debentures to Shares may be
made during the period from the date of issue to Maturity of the Convertible Debentures
(a) by the holder at any time; and
(b) by the Issuer, at any time after
(i) the closing price on the Canadian Securities Exchange of the Issuer’s common shares has
been equal to or greater than $2.00 per common share for a period of fifteen (15)
consecutive trading days; and
(ii) two (2) years have elapsed from the date of issue of the Convertible Debentures.
Upon closing of the financing AJN will appoint Mr. Sik Lap (Jacky) Chan to the Board of Directors and Mr.
King Sun (Jerry) Tsang as Financial Manager.
Mr. Sik Lap (Jacky) Chan, BSc (Hon), MPhil, MAusIMM, MAIG
Mr. Chan is a professional geologist and valuer with more than 12-year experience in the mining
industry. He has been involved in the planning, implementation and supervision of various exploration
programs, resources/reserve estimation, open pit and underground production, feasibility studies, JORC
report compilation, Engineering/Procurement/Construction (EPC)/ Management, valuation and listing
preparation for mineral assets in different stock exchanges. The projects he has handled are across a
number of commodities with locations in Australia, China, North America, Central and South-East Asia.
Mr. Chan has held senior management positions in diverse international exploration and mining
companies providing him experience in corporate management, government liaisons, business
development and environmental, health and safety. He has also undertaken a number of senior
executive roles with mining consulting and valuation companies. Mr. Chan obtained his Bachelor of
Science degree with first class honors in the Department of Earth Sciences from the University of Hong
Kong in 2004. He subsequently obtained a Masters in Philosophy and lectured, both at the University of
Hong Kong from 2013 to 2014.
Mr King Sun (Jerry) Tsang
Mr King Sun (Jerry) Tsang is currently an Executive Director and the Chief Financial Officer of Code
Agriculture (Holdings) Limited (HKSE:08153) and the Chief Financial Officer and Company Secretary of
China Cloud Copper Company Limited (HKSE:00033). Mr Tsang is a Certified Public Accountant in Hong
Kong and his qualifications include Juris Doctor (JD) and Bachelor of Business Administration (Accounting
and Finance). Mr Tsang brings to AJN extensive capital markets and financial experience.
About Neo Gold Limited
Neo Gold Limited is a private equity investment company under Amber Hill Capital Limited which is a
multi-national fund that is headquartered in Hong Kong and focuses on financial services, insurance,
mineral exploration and production. Amber Hill has a number of noteworthy investments, including
Amani Gold Limited, an exploration company which owns a multi-million ounce gold deposit in the
Democratic Republic of Congo, China Cloud Copper Company Limited (HKSE:0033) which focus on metal
production exporting business and credit guarantee, and Target Insurance Holdings Limited (HKSE:6161)
which focuses on insurance business. For further information please visit:
https://en.amberhillgroup.com/
About AJN Resources Inc.
AJN is a junior exploration company. AJN’s management and directors possess over 75 years of collective
industry experience and have been very successful from exploration, to financing, to developing major
mines throughout the world with a focus on Africa and especially the DRC.
For further information, please contact Investor Relations:
Sheena Eckhof
Director, Investor Relations
Visit us at www.ajnresources.com Tel: (778) 218-9638
On Behalf of the Board of Directors
Klaus Eckhof
CEO and President