State Endorses New Licence Applications by Congo Ressources SAU according to MoU signed with DRC
State Endorses New Licence Applications by Congo Ressources SAU according to the MOU
signed with Democratic Republic of the Congo
Vancouver, BC, November 1, 2022: AJN Resources Inc. (CSE: AJN) (Frankfurt: 5AT) (“AJN” or
the “Company”) is pleased to announce that further to the Company’s news releases of
February 8th and April 19th, 2022, and pursuant to the Memorandum of Understanding (the
“MoU”) between the Company and the Government of the Democratic Republic of the Congo
(“DRC” or the “State”) announced on February 8th, 2022, which was endorsed by the State as
announced on April 19 th, 2022, the State has now authorized the Cadastre Minier RDC (DRC
Mining Register) (“CAMI”) to accept 22 new applications for exploration permits, which cover
6,278 Mining Squares or 5,398km 2 in the eastern DRC , from the newly created, State wholly-
owned subsidiary, Congo Ressources SAU. Twenty-one of these applications are prospective for
gold in the Kilo -Moto Belt and one permit, which is prospective for lithium , is located in the
Manono area . See figures 1 and 2 below. Application will be made according to procedures
prescribed by the Mining Code and Regulations of the Democratic Republic of Congo (“DRC”).
The portfolio is two-fold in that the first part consists of several highly prospective gold licences
located within the Wanga, Rambi, Gada and Nizi project areas and a further 10 prospective
exploration licences are in the Kilo-Moto Belt. The second part is aimed at satisfying the State’s
objective of creating a supply chain of minerals to support the electric vehicle sector . The State
has therefore agreed to support the granting of a lithium licence, which covers part of the
Manono pegmatite, to Congo Ressources SAU. Additional coordination measures will be
undertaken by the State in the coming weeks to ensure the smooth granting of the lithium
licence.
Congo Ressources SAU , which has now been fully incorporated, has commenced with the
application processes. All licen ces will have new numbers and will be granted as research
permits.
It is the intention of the parties that once all licences are granted the proposed transaction will
close and (1) Congo Ressources SAU will hold a 100% direct interest in the secured licences and
become a wholly owned subsidiary of AJN, and (2) AJN will issue, to the State, that number of
common shares in the capital of AJN so that after closing the State will hold sixty percent (60%)
of the fully -diluted issued and outstanding common shares of AJN, whereby the calculation of
the sixty percent (60%) is to be made immediately after the closing, not immediately prior to
the closing as reported in the Company’s February 8, 2022 news release . The issuance of
common shares to the Sta te will occur following completion of one or more financings to be
conducted in connection with the proposed transaction. The quantum of the capital raise will
be assessed during the due diligence period. Shares issued to the State pursuant to the
proposed transaction may be subject to regulatory escrow requirements as imposed by
Canadian regulatory authorities. After the closing of the proposed transaction the State will
have a first right of refusal on any fund raisings carried out by AJN in the future.
On closing of the proposed transaction, the Board of Directors of AJN will be comprised of five
directors, two of whom will be directors appointed by the State (one of whom will be Deputy
Chairman) and three will be current directors of AJN (one of whom will be Chairman). Closing of
the transaction will be subject to legal and technical due diligence, and certain conditions
precedent including AJN having obtained all necessary governmental and regulatory approvals
and confirmation from all relevant governme nt agencies that all outstanding legal charges,
royalties, and taxes have been paid.
A 10% finder’s fee is payable at the close of the transaction and the acquisition of the projects,
which will be settled by the issuance of AJN common shares to Klaus Eckh of, CEO and President
of AJN or his permitted nominees.
Mr. Klaus Eckhof, CEO and President of AJN commented, “ We are extremely excited about the
opportunity of working together with the State in developing this highly prospective portfolio of
gold exploration assets and the lithium asset at Manono. The State recognises that although the
projects have been under go vernment control since the end of colonialism, very little systematic
exploration has been carried out on the majority of these projects. We believe that w ith our
management’s track record in the DRC, and the strong support that we have from the State, we
will be able to deliver on the portfolio of gold projects and the lithium asset at Manono, which
underpin the making of a significant new mineral resource player in DRC. We strongly believe
that all parties will benefit from a transaction of this type in w hich the State will have majority
ownership of a public company and will benefit in full transparency from its successes. We are
confident that our exploration success will profit not only the State but also will be a key driver
in alleviating poverty and social conditions in the areas through improvements of the
infrastructure and local job creation.”
Figure 1: Portfolio of Gold Licences included in the Partnership Agreement with the Democratic
Republic of Congo. Note: All application areas are new applications and licence numbers will be
awarded once granted.
Figure 2: District Geology and Lithium Licence Application within the Manono Project Area. Note
the licence is a new application and a new number will be awarded once granted.
QP Statement
Dr Deon Vermaak t is a Consultant of AJN Resources Inc. and qualified geologist, and is a
registered Professional Natural Scientist (Geological Science) with the South African Council for
Natural Scientific Professions (SACNASP Reg. No. 400020/00). Dr Vermaakt is a qualified person
(QP) under NI 43 -101 and has reviewed and approved the scientific and technical information
contained in this news release.
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 in the areas of exploration,
financing and developing major mines throughout the world, with a focus on Africa, especially
the Democratic Republic of the Congo.
For further information, please contact Investor Relations:
Sheena Eckhof
Director, Investor Relations
Visit us at www.ajnresources.com
Tel: +44 7496 291547
On Behalf of the Board of Directors
Klaus Eckhof
CEO and President
Cautionary Note Regarding Forward-Looking Statements
The information in this news release may include certain information and statements about
management’s view of future events, expectations, plans and prospects that may constitute
forward-looking statements. Forward-looking statements are based upon assumptions that are
subject to significant risks and uncertainties. Because of these risk s and uncertainties and as a
result of a variety of factors, the actual results, expectations, achievements or performance
may differ materially from those anticipated and indicated by these forward -looking
statements. Although AJN Resources Inc. believes that the expectations reflected in forward -
looking statements are reasonable, it can give no assurances that the expectations of any
forward-looking statements will prove to be correct. Except as required by law, AJN Resources
Inc. disclaims any intention and assumes no obligation to update or revise any forward -looking
statements to reflect actual results, whether as a result of new information, future events,
changes in assumptions, changes in factors affecting such forward -looking statements or
otherwise.