Aranjin Resources Announces Closing of Its Australian Copper Project Acquisitions
Aranjin Resources Announces Closing of Its
Australian Copper Project Acquisitions
Ulaanbaatar, Mongolia--(Newsfile Corp. - January 8, 2024) - Aranjin Resources Ltd. (TSXV: ARJN) (the
"
Company
" or "
Aranjin Resources
") is pleased to announce, further to its press release dated
October 10, 2023, that the Company's acquisition of an 80% interest in the Bangemall, Gawler and the
Western Wood copper projects in Australia (the "
Australian Transaction
") has closed in escrow.
The TSX Venture Exchange has conditionally approved the Australian Transaction. Forty million
common shares
of the Company have been issued to Metals of Australia Pty Ltd. ("
MoA
") and fifteen
million common shares have been issued to Western Wood Capital Pty Ltd. ("
WWC
") as consideration
for completion for the Australian Transaction at a deemed issuance price of $0.015 per common share.
The total fifty-five million common shares issued to MoA and WWC are being held in escrow subject to
the completion of customary transaction conditions and receipt of final TSXV approval for the Australian
Transaction.
The common shares issued to MoA and WWC are subject to a statutory hold period of four months and
one day under applicable securities laws.
In connection with the Australian Transaction, the Company has entered into unincorporated joint
ventures with MoA and WWC and granted a 4% net smelter returns royalty on the Bangemall and Gawler
projects to MoA and a 3% net smelter returns royalty on the Western Wood project to WWC.
Mr. Matthew Wood, Executive Chairman of Aranjin Resources stated, "Aranjin is now extremely well
placed with two projects in Mongolia and three projects in Australia. All projects have multiple drill
targets that are planned to be tested in the coming year. With the process for dual listing on the ASX
already underway, 2024 is shaping up to be an exciting year of transformational growth for Aranjin and
its shareholders."
On behalf of the Board
Matthew Wood
Chairman
+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.
Cautionary Statements
Certain information contained herein constitutes forward-looking information or statements under
applicable securities legislation and rules. Such statements include, but are not limited to, statements
with respect to the Australian Transaction, any approvals required by the TSX Venture Exchange and
any intended exploration work on the Australian Projects. Forward-Looking statements are based on the
opinions and estimates of management as of the date such statements are made and are subject to
known and unknown risks, uncertainties and other factors that may cause the actual results, level of
activity, performance or achievements of Aranjin Resources to be materially different from those
expressed or implied by such forward-looking statements, including, but not limited to: (i) any inability of
Aranjin Resources to satisfy conditions imposed by the TSX Venture Exchange on the Australian
Transaction for any other reason; and (ii) any change in the circumstances of the Company, whether
internal or external, whether affecting the Company particularly, the Australian Projects particularly, or the
general mineral and/or general global markets, which could cause the Company to reconsider and adjust
or abandon any exploration work it currently intends for the Australian Projects. Although management of
Aranjin Resources has attempted to identify important factors that could cause actual results to differ
materially from those contained in forward-looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can be no assurance that such statements
will prove to be accurate. Accordingly, readers should not place undue reliance on forward-looking
statements. No party will update any forward-looking statements or forward-looking information that are
incorporated by reference herein, except as required by applicable securities laws. The parties caution
readers not to place undue reliance on these forward-looking statements and it does not undertake any
obligation to revise and disseminate forward-looking statements to reflect events or circumstances after
the date hereof, or to reflect the occurrence of or non-occurrence of any events.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/193635