REG - Ajax Resources PLC - Admission to Trading on AQSE & Holdings in Company
18/06/2025 07:02
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RNS Number : 2734N Ajax Resources PLC 18 June 2025
18 June 2025
AJAX RESOURCES PLC
("Ajax" or the "Company")
Admission to Trading on the AQSE Growth Market
Holdings in the Company
Issue of Shares
Total Voting Rights
Ajax, the natural resources investment company [LSE: AJAX] is pleased to
announce the admission to trading of its ordinary shares of 1 pence each
("Ordinary Shares") to the Aquis Stock Exchange Growth Market Access Category
("AQSE") with effect from 8.00am today.
The Announcement of Application for Admission to the Aquis Growth Market, as
set out in the Aquis Growth Market Rulebook, can be viewed below.
Holdings in the Company
Following the successful £1,000,000 fundraise announced yesterday, and
today's admission to AQSE, the disclosable shareholdings in the Company are,
to the best of the Company's knowledge, as follows:
Shareholder Number of Ordinary Shares % of Issued Ordinary Shares
Ippolito Ingo Cattaneo * 17,125,000 23.83%
JIM Nominees Limited 7,000,000 9.74%
Orca Capital GmBH 6,250,000 8.70%
John Story 5,000,000 6.96%
Michael Hutchinson *(#) 3,850,000 5.36%
Aidan O'Hara 3,040,000 4.23%
First Corporate Consultants 2,500,000 3.48%
James Simmons 2,346,000 3.26%
CG Brenner 2,200,000 3.06%
Richard Heywood * 1,677,207 2.33%
* Director of the Company
# These shares are held by Elmlea Properties Limited, an associate and PCA of
Mr Hutchinson
The PDMR/PCA disclosures upon Admission to Trading on AQSE can be viewed at
the bottom of this announcement.
Issue of Shares & Total Voting Rights
The Company has agreed to settle invoices for a total of £23,940 from two
service providers through the issue of new Ordinary Shares at a price of 4
pence per share (the same price as the fundraising announced 17 June 2025),
resulting in the issuance of 598,500 Ordinary Shares (the "New Shares").
An application for admission to trading on AQSE of the New Shares will be
made, with admission anticipated on or around 23 June 2025 (the "Further
Admission").
Following the Further Admission, the Company will have 72,461,000 Ordinary
Shares in issue, each with one voting right. The Company does not hold any
shares in treasury and therefore the total number of voting rights in the
Company is 72,461,000.
This figure should be used by shareholders from Admission as the denominator
for the calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in the Company under
the FCA's Disclosure Guidance and Transparency Rules.
Ippolito Ingo Cattaneo, Chief Executive Officer of Ajax, commented:
"Ajax's admission to the Aquis Stock Exchange as a natural resources
investment company, following the completion of the acquisition of the Eureka
Gold and Copper Project, marks a significant milestone for the Company as we
enter an exciting new phase in Ajax's development.
We are pleased to have successfully raised £1 million, complementing our
existing financial resources. It is to be underlined that the Board has
invested approximately £330,000 of this amount, evidencing both our
confidence in the transformative potential of the Eureka Project and our
alignment with shareholders."
For further information:
Ajax Resources Plc Tel: + 44 (0) 208 146 6345
Ippolito Cattaneo, Chief Executive Officer info@ajaxresources.com
Allenby Capital Limited (Financial Adviser) Tel: + 44 (0) 203 328 5656
Nick Harriss / Daniel Dearden-Williams n.harriss@allenbycapital.com (mailto:n.harriss@allenbycapital.com)
d.dearden-williams@allenbycapital.com
(mailto:d.dearden-williams@allenbycapital.com)
Oberon Capital (Broker) Tel: + 44 (0) 203 179 5300
Nick Lovering / Adam Pollock nicklovering@oberoninvestments.com (mailto:nicklovering@oberoninvestments.com)
adampollock@oberoninvestments.com (mailto:adampollock@oberoninvestments.com)
ANNOUNCEMENT OF APPLICATION FOR ADMISSION TO THE AQUIS GROWTH MARKET
APPLICANT NAME:
Ajax Resources Plc
APPLICANT REGISTERED OFFICE, PRINCIPAL PLACE OF BUSINESS (IF DIFFERENT) AND
TELEPHONE NUMBER:
Salisbury House, London Wall, London, United Kingdom, EC2M 5PS
+442081466289
DIRECTORS AND PROPOSED DIRECTORS (IF APPLICABLE):
IPPOLITO INGO CATTANEO - CEO
MICHAEL JOHN HUTCHINSON - NE Chairman
RICHARD GARNET HEYWOOD - Exec Director
APPLICANT SECTOR:
Mineral Exploration
DESCRIPTION OF THE APPLICANT AND ITS ACTIVITIES:
Ajax is pursuing a strategy as a natural resources investment company, with a
focus on Copper, Gold, Zinc, Uranium, and Lead. The Company completed its
first acquisition on 21 May 2025.
The Company's first acquisition was the purchase of Puna Metals S.A., holding
the mining rights for 12 licences, collecting forming the Eureka Gold and
Copper project in the north-west corner of the Province of Jujuy in Argentina.
Ajax's strategy is centred on the acquisition and development of assets with
historical production and significant untapped reserves, as well as material
exploration prospectivity. Strategic attention is directed to assets that
have material unexploited resources and hold near-term production potential.
These include acquisition opportunities which may have been, for various
reasons, historically undeveloped or neglected, requiring new technical and
financial investment to obtain value maximisation. The Company wishes to
acquire assets that can generate revenue following the necessary technical
investment and modernisation work.
The Board is of the opinion, having made due and careful enquiry, that the
working capital available to the Company is sufficient for a period of at
least twelve months following Admission.
Risk Factors
As previously disclosed in the Announcement, the risk factors associated with
the Company from Admission are set out below. The additional risks around
the Company's acquisition of Eureka (see details in the Announcement) that are
set out below should be read alongside the Risk Factors contained in the
Company's previous Prospectus:
https://www.ajaxresources.com/investors/key-documents/#tabs-admission-documents
(https://www.ajaxresources.com/investors/key-documents/#tabs-admission-documents)
Early-stage exploration and evaluation risk
Ajax's development of early-stage operations and the continuing success of the
Company will depend on Ajax's ability to manage the Project in Argentina,
maintain its licences, and to take advantage of further opportunities which
may arise. Initially, the Company will have no properties producing positive
cash flow and its ultimate success will depend on its ability to generate cash
flow from active mining operations in the future and its ability to access
equity markets for its development requirements. Losses are likely to occur in
the near future and there can be no assurance that Ajax will be profitable in
the future.
No recent history of production
Ajax's properties are at early exploration stage only. Ajax has never had any
material interest in any producing properties. There can no assurance given
that commercial quantities of Gold, Copper and other mineralised resources
will be discovered at any of the Ajax properties or any future properties, nor
can there be any assurance that the exploration or development programs of
Ajax thereon will yield any positive results. Even if commercial quantities of
Gold, Copper and other mineralised resources are discovered, there can be no
assurance that any property of the Company will ever be brought to a stage
where such resources can profitably be produced. Factors which may limit the
ability of Ajax to produce Gold, Copper and other mineralised resources from
its properties include, but are not limited to, commodity prices, availability
of additional capital and financing and the nature of any mineralisation
deposits.
Dependence on third party approvals and consents
Ajax's exploration activities are and will be subject to the issue and
conditions of various governmental or third-party approvals, consents and
licences, including, but not limited to, the grant of exploration or
production licences and consent to the approval of changes of control of
entities which the Company may acquire or acquire an interest. There can be no
assurance that the necessary approvals, consents or licences would be
forthcoming at all, or on terms and conditions which would be commercially
acceptable or practicable for the Company.
Drilling
Ajax may encounter hazards inherent in drilling activities. Examples of such
hazards include unusual or unexpected formations, abnormal pressures or rock
properties, adverse weather conditions, mechanical difficulties, conditions
which could result in damage to plant or equipment or shortages or delays in
delivery of rigs and/or other equipment.
While Ajax intends to take adequate precautions to minimise risks associated
with drilling activities, there can be no guarantee that the Company will not
experience one or more material incidents during drilling activities that may
have an adverse impact on the operating and financial performances of Ajax,
including costs associated with control of drilling operation, recovery of
plant and equipment, environmental rectification and compensation along with
delays and other impacts on anticipated results.
Risk of negative impact on the local community
Ajax's operations may affect the ongoing activities and tranquillity of the
local communities with noise disturbances, crop destructions, increased
traffic, or others. The activities of Ajax will be regulated by the laws and
regulations relating to mining activities that are current within Argentina
and at the Jujuy provincial level and the Company will ensure its practices
also respect common living principles and traditions.
Environmental risks
Ajax's operations and projects are subject to the laws and regulations of all
jurisdictions in which it has interests and carries on business, regarding
environmental compliance and relevant hazards. With respect to Eureka, these
are the laws and regulations of Argentina and the Province of Jujuy.
These laws and regulations set standards regulating certain aspects of health
and environmental quality and provide for penalties and other liabilities for
the violation of such standards. They also establish, in certain
circumstances, obligations to rehabilitate current and former facilities and
locations where operations are or were conducted.
Environmental legislation is evolving in a manner which will require stricter
standards and enforcement, increased fines and penalties for non-compliance,
more stringent environmental assessments of proposed projects and a heightened
degree of responsibility for companies and their officers, directors and
employees. There is no assurance that future changes in environmental
regulation, if any, will not adversely affect the Company's operations.
Environmental hazards may exist on the properties in which the Company holds
interests that are unknown to Ajax at present.
As with most exploration projects operations, the Company's activities are
expected to have an impact on the environment. Significant liability could be
imposed on Ajax for damages, clean-up costs, or penalties in the event of
certain discharges into the environment. It is Ajax's intention to minimise
this risk by conducting its activities to the highest standard of
environmental obligation, including compliance with all environmental laws and
where possible, by carrying appropriate insurance coverage.
Failure to comply with applicable laws, regulations and permitting
requirements may result in enforcement actions thereunder, including orders
issued by regulatory or judicial authorities causing operations to cease or be
curtailed, and may include corrective measures requiring capital expenditures,
installation of additional equipment, or remedial actions. Parties engaged in
the exploration or development of natural resource properties may be required
to compensate those suffering loss or damage by reason of the exploration and
development activities and may have civil or criminal fines or penalties
imposed for violations of applicable laws or regulations.
There is also a risk that the environmental laws and regulations may become
more onerous, making the Company's operations more expensive. Amendments to
current laws, regulations and permits governing operations and activities of
resource companies, or more stringent implementation thereof, could have a
material adverse impact on Ajax and cause increases in exploration expenses,
capital expenditures or production costs or reduction in levels of production
at producing properties or require abandonment or delays in development of new
properties.
This announcement, together with any documents incorporated by reference,
shall be deemed to constitute an admission document for the purposes of the
AQSE Growth Market Rules for Issuers - Access. It has not been approved or
reviewed by the Aquis Stock Exchange or the Financial Conduct Authority.
NAME OF AQSE CORPORATE ADVISER:
Allenby Capital Ltd
NUMBER, CLASS AND PAR VALUE OF SECURITIES TO BE ADMITTED:
71,862,500 Ordinary Shares of 1 pence
SECURITIES IN PUBLIC HANDS AS A PERCENTAGE OF THE TOTAL NUMBER OF SECURITIES
IN ISSUE (excluding securities held in treasury):
43.43%
SHAREHOLDERS HOLDING MORE THAN FIVE PER CENT OF THE APPLICANT'S SHARE CAPITAL
OR VOTING RIGHTS PRE- AND POST-ADMISSION:
Ippolito Ingo Cattaneo 17,125,000 23.83%
JIM Nominees Limited 7,000,000 9.74%
Orca Capital GmBH 6,250,000 8.70%
John Story 5,000,000 6.96%
Michael Hutchinson 3,850,000 5.36%
TIMETABLE FOR ANY OFFER OF TRANSFERABLE SECURITIES TO THE PUBLIC:
N/A
THE EXPECTED ADMISSION DATE:
18 June 2025
WEBSITE ADDRESS WHERE INVESTOR INFORMATION WILL BE AVAILABLE FOR INSPECTION:
https://www.ajaxresources.com/ (https://www.ajaxresources.com/)
In respect of a fast-track applicant, the following information should also be
included:
NAME OF MARKET ON WHICH THE APPLICANT'S SECURITIES ARE CURRENTLY TRADED:
Main Market of the London Stock Exchange
ARRANGEMENTS FOR THE SETTLEMENT OF TRANSACTIONS IN THE APPLICANT'S SECURITIES:
CREST
DETAILS OF ANY LOCK-IN ARRANGEMENTS:
N/A
DETAILS OF THE LEGAL OR REGULATORY REQUIREMENTS IN THE APPLICANT'S HOME
COUNTRY REGARDING THE CONDUCT OF TAKEOVERS AND THE ACQUISITION OF SIGNIFICANT
VOTING RIGHTS TO WHICH THE APPLICANT IS SUBJECT:
The Company is subject to the UK Takeover Code
In respect of an update to a prior application announcement, the date of the
original announcement should also be disclosed as follows:
UPDATE TO A PRIOR APPLICATION ANNOUNCEMENT RELEASED ON:
4 June 2025
TIMETABLE FOR ANY OFFER OF TRANSFERABLE SECURITIES TO THE PUBLIC:
N/A
THE EXPECTED ADMISSION DATE:
18 June 2025
WEBSITE ADDRESS WHERE INVESTOR INFORMATION WILL BE AVAILABLE FOR INSPECTION:
https://www.ajaxresources.com/ (https://www.ajaxresources.com/)
In respect of a fast-track applicant, the following information should also be
included:
NAME OF MARKET ON WHICH THE APPLICANT'S SECURITIES ARE CURRENTLY TRADED:
Main Market of the London Stock Exchange
ARRANGEMENTS FOR THE SETTLEMENT OF TRANSACTIONS IN THE APPLICANT'S SECURITIES:
CREST
DETAILS OF ANY LOCK-IN ARRANGEMENTS:
N/A
DETAILS OF THE LEGAL OR REGULATORY REQUIREMENTS IN THE APPLICANT'S HOME
COUNTRY REGARDING THE CONDUCT OF TAKEOVERS AND THE ACQUISITION OF SIGNIFICANT
VOTING RIGHTS TO WHICH THE APPLICANT IS SUBJECT:
The Company is subject to the UK Takeover Code
In respect of an update to a prior application announcement, the date of the
original announcement should also be disclosed as follows:
UPDATE TO A PRIOR APPLICATION ANNOUNCEMENT RELEASED ON:
4 June 2025
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Richard Heywood
2 Reason for the notification
a) Position/status PDMR (Executive Director)
b) Initial notification /Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Ajax Resources PLC
b) LEI 213800JBHG3W43VMYU13
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the financial instrument, type of instrument Ordinary Shares of 1p
Identification code
GB00BLNBD412
b) Nature of the transaction Subscription for Ordinary Shares
c) Price(s) and volume(s) Price(s) Volume(s)
£0.04 750,000
d) Aggregated information
- Aggregated volume
- Price N/A
e) Date of the transaction 17/06/2025
f) Place of the transaction Off Market
d)
Aggregated information
- Aggregated volume
- Price
N/A
e)
Date of the transaction
17/06/2025
f)
Place of the transaction
Off Market
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Ippolito Ingo Cattaneo
2 Reason for the notification
a) Position/status PDMR (Chief Executive Officer)
b) Initial notification /Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Ajax Resources PLC
b) LEI 213800JBHG3W43VMYU13
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the financial instrument, type of instrument Ordinary Shares of 1p
Identification code
GB00BLNBD412
b) Nature of the transaction Subscription for Ordinary Shares
c) Price(s) and volume(s) Price(s) Volume(s)
£0.04 6,500,000
d) Aggregated information
- Aggregated volume
- Price N/A
e) Date of the transaction 17/06/2025
f) Place of the transaction Off Market
d)
Aggregated information
- Aggregated volume
- Price
N/A
e)
Date of the transaction
17/06/2025
f)
Place of the transaction
Off Market
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Elmlea Properties Ltd
2 Reason for the notification
a) Position/status PCA of Michael Hutchinson, Chairman
b) Initial notification /Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Ajax Resources PLC
b) LEI 213800JBHG3W43VMYU13
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the financial instrument, type of instrument Ordinary Shares of 1p
Identification code
GB00BLNBD412
b) Nature of the transaction Subscription for Ordinary Shares
c) Price(s) and volume(s) Price(s) Volume(s)
£0.04 1,000,000
d) Aggregated information
- Aggregated volume
- Price N/A
e) Date of the transaction 17/06/2025
f) Place of the transaction Off Market
d)
Aggregated information
- Aggregated volume
- Price
N/A
e)
Date of the transaction
17/06/2025
f)
Place of the transaction
Off Market
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