ANK:CC - Angkor Completes Private Placement
(TheNewswire)
Grande Prairie, AB - TheNewswire - September18, 2023 - Angkor Resources Corp. (TSXV:ANK ) and ( OTC:ANKUR) (“Angkor” or “theCompany”) announces it has completed anon-brokered private placement and will issue 2,857,143 units (each a"Unit") for gross proceeds of CAD $200,000 (the"Offering"). As previously announced, each was offered at$0.07 and is comprised of one common share (each a "CommonShare") and one Share purchase warrant entitling the holder toacquire one (1) Common Share at CAD$0.10 for a period three years fromthe date of issuance.
The net proceeds of the Offering will be for generalcorporate purposes and no commission, finder’s fee or similarpayment (whether in the form of cash, securities or an interest inassets) will be paid by the Company in connection with theOffering.
An insider of the Company has participated in theprivate placement and acquired 1,428,571 units for proceeds of$100,000. The participation of the CEO in the private placementconstitutes a Related Party Transaction within the meaning ofMultilateral Instrument 61-101 Protection of Minority Security Holdersin Special Transactions ("MI 61-101"). The Company hasdetermined that the transaction is exempt from the formal valuationand minority shareholder approval requirements contained in sections5.5(a) and 5.7(1)(a) of MI 61-101 for the related party transaction,as neither the fair market value of securities issued to the insidersnor the consideration paid by the insiders exceeded 25 percent of theCompany's market capitalization. The Company did not file a materialchange report in respect of the transaction 21 days in advance of theclosing of the private placement because insider participation had notbeen confirmed. The shorter period was necessary in order to permitthe Company to close the private placement in a timeframe consistentwith usual market practice for transactions of this nature.
This private placement remains subject to the finalapproval of the TSX Venture Exchange. All securities issued under theplacement are subject to a statutory hold period that expires onJanuary 19, 2024.
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 theanticipated use of proceeds from the Offering, market conditions andthe ability to obtain all necessary regulatory approvals, thepotential for gold and/or other minerals at any of the Company’sproperties, the prospective nature of any claims comprising theCompany’s property interests, the impact of general economicconditions, industry conditions, dependence upon regulatory approvals,uncertainty of sample results, timing and results of futureexploration, and the availability of financing. Readers are cautionedthat the assumptions 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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