REG - Ajax Resources PLC - Successful Closing of Fundraising

Ajax ResourcesAnnouncement

17/06/2025 12:45

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RNS Number : 2175N  Ajax Resources PLC  17 June 2025

 

 

17 June 2025

AJAX RESOURCES PLC

 

("Ajax" or the "Company")

 

Successful Closing of Fundraising

Update on the Admission to the AQSE Growth Market &

Cancellation of Listing

Total Voting Rights

 

Ajax, the natural resources investment company [LSE: AJAX] is pleased to
announce the successful closing of the subscription announced on 23 May 2023
(the "Announcement") and the prospective admission to trading of its ordinary
shares of 1 pence each ("Ordinary Shares") to the Aquis Stock Exchange Growth
Market Access Category ("AQSE")

 

Successful Closing of Fundraising

 

The Company has raised a total of £1,000,000 through the issue of 25,000,000
new Ordinary Shares at a price of 4 pence per Ordinary Share ("Subscription
Shares") by way of subscriptions (the "Subscription").  The net funds raised
through the Subscription will be utilised, alongside the Company's existing
cash resources to conduct the necessary exploration work, including drilling
activities, to publish a JORC compliant Mineral Resource Estimate for the
Company's newly acquired Eureka Project, the acquisition of additional
projects and for general working capital purposes, as set out previously in
the Announcement.

 

Admission to AQSE and Cancellation of Listing

 

The Company's existing 46,862,500 Ordinary Shares and the new 25,000,000
Subscription Shares will be admitted to trading on AQSE at 08:00 BST on 18
June 2025 ("Admission").

 

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.

 

The cancellation of the admission of its existing Ordinary Shares from the
Equity Shares (Shell Companies) category of the Official List and to trading
on the Main Market of the London Stock Exchange under Rule 21.2.17 of the
FCA's UK Listing Rules will take place at 08:00 BST on 18 June 2025.

 

Total Voting Rights

 

On Admission, the Company will have 71,862,500 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 71,862,500. 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.

 

 

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)

 

 

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.

 

 

 

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