Aranjin Resources Provides Update on Acquisition of Sharga Copper Project
Ulaanbaatar, Mongolia--(Newsfile Corp. - July 19, 2021) - Aranjin Resources Ltd. (TSXV: ARJN) (the "Company" or "Aranjin Resources") is pleased to provide an update on its proposed acquisition of the highly prospective Sharga Copper Project (the "Sharga Project" or "Project") previously announced by the Company on May 19, 2021.
The completion of the acquisition remains on track. The Company has received conditional approval of the acquisition from the TSXV Venture Exchange ("TSXV") and is in the process of satisfying the conditions stipulated by the TSXV approval letter. Closing the acquisition is subject to final approval of the TSXV.
The proposed US$1.5 million unsecured convertible debenture financing to be used to fund the cash portion of the acquisition consideration remains on course. The debenture will have a term of 12 months and bear interest at a rate of 15% per annum to be accrued and paid at maturity in cash, or at the option of the Company, in common shares. The principal amount of the debenture will be convertible at any time during the term into common shares of the Company at a price of $0.055 per share. In addition, the Company has agreed to grant the debenture holder a 1% net smelter returns royalty over the Sharga Project. The financing will be completed concurrently with the completion of the acquisition. The financing remains subject to TSXV approval.
On behalf of the Board
Aranjin Resources Ltd.
+976 7732 1914
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