• AJN Resources to raise C$3M via private placement for African exploration

• Funds to support lithium in DRC, gold in Ethiopia, and possible acquisitions

• Plans include 30M shares at C$0.10; all assets in early exploration phase

AJN Resources plans to launch a private placement to raise C$3 million (US$2.1 million). The announcement was made on Tuesday, November 11, by the junior mining company listed on the Canadian Securities Exchange (CSE). Once completed, the company, which holds lithium and gold assets in Africa, plans to use the funds primarily to explore its properties.

AJN Resources intends to issue a total of 30 million shares at C$0.10 per share. Although the company did not specify which assets will benefit from the proceeds, it is currently exploring for lithium at the Kabunda South and Manono North-East projects in the Democratic Republic of Congo. In addition, it began gold exploration earlier this year in Ethiopia through the Okote project.

Under a partnership agreement signed last May, AJN agreed to fund exploration at Okote to earn a 70% stake in the asset. In September, the company announced the start of preliminary exploration activities at the site ahead of a broader exploration program. All these assets remain in the early stages of exploration.

AJN may also expand its portfolio, noting that part of the funds will be allocated to due diligence for potential property acquisitions. The company is not the only Canadian junior miner accelerating efforts in Africa. Last June, for example, Koulou Gold announced it had raised US$13 million in a private placement to fund exploration on its gold projects in Côte d’Ivoire.

Aurel Sèdjro Houenou