ANK:CC - Angkor Resources Announces Shares for Debt Transaction
(TheNewswire)
Grande Prairie, AB - TheNewswire - January 23, 2023 - Angkor Resources Corp. (TSXV:ANK ) and ( OTC:ANKOF) (“Angkor” or “theCompany”) announces that it intends to settleup to $31,055 of indebtedness (the "Debt Settlement")through the issuance of common shares of the Company (the"Shares"). Pursuant to the Debt Settlement, the Companywould issue up to 326,896 Shares at a deemed price of $0.095 per Shareto Certain Creditors owed interest payments for Notes previouslysettled (the "Creditors") on account of accrued interestoutstanding. The Company is choosing to settle the indebtednessthrough the issuance of Shares to preserve cash and improve theCompany's balance sheet.
The issuance of the Shares to the Creditors is subjectto the approval of the TSX Venture Exchange (the "TSXV").All securities issued will be subject to a four month hold periodwhich will expire on the date that is four months and one day from thedate of issue.
As certain insiders intend to participate in the DebtSettlement, it may be considered a "related partytransaction" under Multilateral Instrument 61-101 - Protectionof Minority Security Holders in Special Transactions ("MI61-101") and the TSXV. The Company intends to rely on theexemption from the formal valuation requirement of MI 61-101 containedin Section 5.5(g) on the basis that the Company is insolvent or inserious financial difficulty and the transaction is designed toimprove the financial position of the Company.
ABOUT ANGKOR RESOURCES CORP.
Angkor Resources Corporation is a public company,listed on the TSX-Venture Exchange, and is a leading resourceoptimizer in Cambodia working towards mineral and energy solutionsacross the country. The company holds multiple mineral explorationlicenses in the country and in late 2022, its subsidiary, EnerCamResources Corp. (Cambodia), was granted an onshore oil and gas licenseof 7300 square kilometers 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 and becomes thefirst recurring revenue for the Company.
CONTACT: Delayne Weeks, CEO
Email: info@angkorresources.com Website: angkorresources.com Telephone: +1 (780)831-8722
Please follow @AngkorResources on , , , Instagram and .
Neither TSX VentureExchange nor its Regulation Services Provider (as that term is definedin the policies of the TSX Venture Exchange) accepts responsibilityfor the adequacy or accuracy 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’sproperties, 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 o f future exploration, and the availability offinancing . Readers are cautioned that the assumptions used in the preparationof such information, although considered reasonable at the time ofpreparation, may prove to be imprecise and, as such, undue relianceshould not be placed on forward-looking statements.
Copyright (c) 2023 TheNewswire - All rights reserved.