Ajax Resources Plc (AQSE: AJAX) has advanced plans for admission to Euronext Growth Oslo, completing independent Norwegian legal and financial due diligence ahead of a proposed minimum €2.5 million equity financing.
The proposed admission remains subject to final approval from Euronext Growth Oslo and completion of the fundraising.
Under the Oslo admission requirements, Ajax must raise at least €2.5 million and issue the new shares at no less than NOK 1.00 each.
At current exchange rates, NOK 1.00 is equivalent to roughly 8p per share, around 25.5% above Ajax’s 6.375p closing mid-market price on Aquis on 9 October.
However, the company stressed that the 8p figure is only an indicative sterling equivalent of the Norwegian minimum price, rather than confirmation of the eventual placing price.
For comparison, Ajax completed a £1 million equity subscription at 8p per share in January 2026.
The final size, price and terms of the financing will depend on market conditions and investor demand.
Ajax expects the fundraising to broaden its shareholder base across Nordic and European institutional, natural-resources and sophisticated investors.
Euronext Growth Oslo also requires at least 30 qualifying shareholders, each holding shares worth a minimum NOK 5,000, or roughly £400. Ajax expects the new financing to satisfy that free-float requirement.
Proceeds are intended to fund further exploration and development across the company’s international portfolio.
That includes additional drilling at the Macacha copper-silver project in Argentina beyond its already funded initial 5,000-metre programme, and potential follow-up drilling at the Pereira Velho gold project in Brazil after the fully funded initial 3,000 metres.
Funding could also support work at the Paguanta silver-copper-lead-zinc project in Chile, subject to completion of its proposed acquisition.
If Ajax exercises its option over the Nueva Celti copper project in Spain, around €500,000 is budgeted for a 3,000-metre drilling programme intended to support a maiden JORC-compliant Mineral Resource.
Capital may also be used for potential acquisitions and for costs associated with the Oslo admission and financing.
Ajax intends to retain its Aquis Growth Market quotation, creating a dual-market structure rather than leaving the UK exchange.
For investors, the key attraction is the potential to raise fresh capital at a price above the current Aquis market level while gaining exposure to a Nordic investor base with significant natural-resources expertise.
The principal near-term uncertainties remain completion of the minimum €2.5 million financing, the final issue price and terms, and formal approval of the Oslo admission.
The next announcement is expected to provide the financing terms, timetable and proposed admission date.
