EU and US could reach trade deal this weekend - Reuters
LONDON - Ajax Resources PLC (AQSE:AJAX) announced Thursday it will exercise its option to acquire Minas La Escondida in Argentina’s Jujuy Province for $80,000 through its wholly-owned subsidiary Puna Metals SA.
The company has also agreed to conditionally acquire the neighboring La Norteña License Area for $22,500, expanding its footprint near its existing Eureka Project. The La Norteña property covers 6,300 hectares and is located north of Ajax’s current operations.
Under the La Norteña acquisition terms, the parties have until August 15 to finalize contractual details and complete due diligence. Ajax may terminate the agreement at no cost if due diligence results are unsatisfactory.
The agreement includes provisions for alluvial gold extraction at La Norteña, with the vendor receiving 20% of profits from gold found within 6 meters of the surface. After 24 months, Puna will have the option to purchase the vendor’s profit share for $115,000.
To fund these acquisitions, Ajax intends to proceed with a second closing of its previously announced subscription, seeking to raise the remaining £0.5 million of a planned £1.5 million capital raise. The company completed a first closing of £1 million on June 17. The second closing, priced at 5 pence per ordinary share, is expected to complete by July 11.
The company also reported that Mr. Garry Watts now holds 2,250,000 ordinary shares, representing 3.13% of current shares in circulation.
This information is based on a press release statement from Ajax Resources PLC.
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