LONDON: Ajax Resources, a UK-listed special purpose acquisition company focused on natural resources, announced it has agreed on Heads of Terms (HoT) to acquire Puna Metals S.A. from Bezant Resources plc. Puna holds mining rights for the Eureka Project in northern Argentina.
The Eureka Project, located in the north-west corner of San Salvador de Jujuy province, includes 12 licenses and is fully owned by Puna. The site hosts the historical Eureka Mine, which has seen gold and copper extraction activities since the 16th century.
Eureka is in the advanced exploration stage and is drill-ready, with the potential to become a low-cost gold and copper mine within three to four years, subject to permitting and other variables.
Under the HoT, Ajax will acquire 100% of Puna through an initial $120,000 cash payment, with deferred consideration of an additional $100,000 in new ordinary shares. The deferred consideration will be payable upon the admission of the company’s enlarged share capital to a recognized stock exchange.
This acquisition marks a significant step for Ajax as it aims to expand its portfolio in the natural resources sector.