ANK:CC - Angkor Announces Completion of Shares for Debt Settlement
(TheNewswire)
GRANDE PRAIRIE, AB, - TheNewswire - August 4, 2023 - Angkor Resources Corp. (TSXV:ANK ) and ( OTC:ANKUR) (“Angkor” or“the Company”) is pleased to announce thatfurther to its news release dated May 31, 2023, the Company hasreceived approval for the issuance of 11,131,391 common shares of theCompany (the " DebtShares ") at a price of $0.08 per share insettlement (the " DebtSettlement "). $690,000 of the debt is tosettle creditors participation in a Joint Venture Funding agreementissued as previously announced in February 2022 and the remaining$195,511 is to settle outstanding Debt to certain consultants,creditors, officers, and Directors of the Company.
The TSX Venture Exchange has approved the DebtSettlements and by issuing the Debt Shares, the Debt has beenextinguished.
The issuance of the Debt Shares to certain Officers andDirectors constitutes a "related party transaction" as thisterm is defined in Multilateral Instrument 61-101: Protection ofMinority Securityholders in Special Transactions (" MI 61-101 "). TheCompany is relying on the exemptions from the valuation and minorityshareholder approval requirements of MI 61-101 contained in sections5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value ofthe Debt Shares nor the debt exceeds 25% of the Company's marketcapitalization.
All Debt Shares issued are subject to a statutory four(4) month hold period from the date of the issuance.
This press release shall not constitute an offer to sell or thesolicitation of an offer to buy nor shall there be any sale of thesecurities in any state in which such offer, solicitation or salewould be unlawful. The securities being offered have not been, norwill they be, registered under the United States Securities Act of1933, as amended (the "1933 Act") and may not be offered orsold in the United States absent registration or an applicableexemption from the registration requirements of the 1933 Act, asamended, and application state securities laws.
ABOUT ANGKOR RESOURCES CORPORATION:
Angkor Resources Corp. is a public company, listed onthe TSX-Venture Exchange, and is a leading resource optimizer in Cambodia working towards mineral and energy solutions across the country. The company holds multiple mineral exploration licenses in the country and in late 2022, its subsidiary, EnerCamResources, was granted an onshore oil and gas license of 7300 squarekilometers in the southwest quadrant of Cambodia. Angkor’s carbon capture and gas conservation project inSaskatchewan, Canada proves its long-term commitment to Environmentaland Social projects across expanding jurisdictions.
Delayne Weeks - CEO
Email: info@angkorresources.com Website: angkorresources.com Telephone: +1 (780) 831-8722
Please follow @AngkorResources on , , , Instagram and .
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of theTSX Venture Exchange) accepts responsibility for the adequacy oraccuracy of this release.
Certain information set forth in this news release maycontain forward-looking statements that involve substantial known andunknown risks and uncertainties. These forward-looking statements aresubject to numerous risks and uncertainties, certain of which arebeyond the control of the Company, including, but not limited to thepotential for gold and/or other minerals at any of the Company’s properties, the prospective nature of any claims comprising the Company’s property interests, the impact ofgeneral economic conditions, industry conditions, dependence uponregulatory approvals, uncertainty of sample results, timing andresults of future exploration, and the availability offinancing. Readers are cautioned that theassumptions used in the preparation of such information,although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed onforward-looking statements.
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