Ajax Resources (AQSE:AJAX) told investors it intends to raise at least €2.5 million, at a minimum price of NOK 1.00 per new share, which will be the minimum placing it needs in order for its shares to trade on Euronext Growth Oslo.
The Aquis-listed mineral exploration company, which is advancing precious and base metal projects across West Africa, Argentina, Brazil, Chile and Spain, said this would meet the Norwegian market's admission requirements.
The minimum price is currently equivalent to approximately 8p a share, which would be a premium of around 25.5% to Ajax's closing mid-market price of 6.375p on Aquis on Friday 9 October.
Ajax added that it has now completed financial and legal due diligence, by independent Norwegian accounting and legal firms. And, the company previously appointed Bowsprit Partners as its Euronext Growth Advisor in April.
Proceeds of the raise are earmarked for further drilling at the Macacha copper and silver project in Argentina beyond its funded initial 5,000-metre programme, additional work at the Pereira Velho gold project in Brazil beyond its funded initial 3,000-metre programme, exploration at the Paguanta project in Chile once that acquisition completes, and a prospective 3,000-metre drilling programme at the Nueva Celti copper project in Spain.
Ajax added that it intends to keep its Aquis Growth Market quotation alongside the Oslo listing, with the dual structure expected to extend its reach into Norway and the wider Nordic and European investor base while preserving its UK shareholder base.