THIS ANNOUNCEMENT CONTAINS
INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET
ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.
25 February 2025
AJAX RESOURCES PLC
("Ajax" or the
"Company")
Proposed Acquisition
Suspension of Share
Listing
Ajax, the UK listed special purpose acquisition
company with a focus on natural resources [LSE: AJAX], is
pleased to announce that the Company has agreed Heads of Terms (the
"HoT") to acquire Puna
Metals S.A. ("Puna"), which
holds mining rights for the Eureka Project located in the Republic
of Argentina ("Eureka" or
the "Project"), from
Bezant Resources plc ("Bezant").
Eureka is located in the north-west corner of
the Province of San Salvador de Jujuy, northern Argentina. The
Project comprises of 12 licences and is fully owned by
Puna.
Eureka hosts a historical mine called the
"Eureka Mine", where historical gold and copper extraction
activities commenced during the 16th and 17th
century.
The Project is in the advanced exploration
stage and is drill-ready, with the potential to become a low-cost
gold/copper mine within approximately 3/4 years subject to
permitting and other variables.
Under the HoT, the Company has agreed terms, to
be formalised by way of a share purchase agreement, to acquire 100%
of Puna by way of an initial US$120,000 cash payment, with deferred
consideration of an additional US$100,000, to be satisfied through
the issue of new ordinary shares of 1 pence each ("Ordinary Shares") to Bezant (the
"Acquisition").
The deferred consideration element of the
Acquisition will become payable on the admission to trading of the
enlarged share capital of the Company to a recognised stock
exchange or multilateral trading facility, with the value of the
deferred consideration calculated by reference to a broader
fundraising concurrently undertaken.
The Acquisition would constitute an initial
transaction under the FCA UK Listing Rules, and the Company has
requested to the FCA that the listing of its Ordinary Shares on the
FCA Official List be suspended with effect from 07:30 today under
Rules 13.4 and 21.1 of the FCA UK Listing Rules.
The Company will provide further information in
due course.
- ENDS -
For further
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