ANK:CC - Angkor Shares for Debt Transaction
(TheNewswire)
GRANDE PRAIRIE, AB - TheNewswire - March 28, 2022 - Angkor Resources Corp.(TSXV:ANK ) ( OTC:ANKOF) (“Angkor” or “theCompany”) reports that its Board of Directorshas approved the settlement of up to $79,397 of debt from accruedinterest on outstanding Convertible Notes (the “Notes”) throughthe issuance of 462,100 Units at a deemed price of $0.09 per Unit.Each Unit consists of one common share of the Company and one sharepurchase warrant exercisable for a period of 12 months at an exerciseprice of $0.15 (the "Units"). Pursuant to the Interest DebtSettlement, the Company will also issue 420,091 common shares at adeemed price of $0.09 to insiders of the Company. The debt beingsettled is pursuant to interest owed on Notes. Details of the Noteswere announced July 16, 2018.
The Company also wishes to issue up to 3,507,136 commonshares at a deemed price of $0.09 per share for the settlement ofoutstanding Debt to certain consultants and creditors including3,240,470 to be issued to insiders of the Company.
The issuance of the Units and Shares for debt to theCreditors is subject to the approval of the TSX Venture Exchange. Allsecurities issued will be subject to a four-month hold period whichwill expire on the date that is four months and one day from the dateof issue.
As certain insiders participated in the DebtSettlement, it is considered to be a "related partytransaction" under Multilateral Instrument 61-101- Protection ofMinority Security Holders in Special Transactions ("MI61-101"). All of the independent directors of the Company, actingin good faith, considered the transactions and have determined thatthe fair market value of the securities being issued to insiders andthe consideration being paid is reasonable. The Company intends torely on the exemptions from the valuation and minority shareholderapproval requirements of MI 61-101 contained in sections 5.5(b) and5.7(b) of MI 61-101.
ABOUT ANGKOR RESOURCES CORP.
Angkor Resources Corp. is a public company, listed onthe TSX-Venture Exchange, and is a leading early-entry resourceexplorer in Cambodia with a large land package over multiple licensesin NE quadrant of the country. In 2020, the company receivedapproval and initiated negotiations on Production Sharing Contract(PSC) terms for Block VIII, a 7,300 square kilometre oil and gaslicense in Cambodia.
CONTACT:
Delayne Weeks, CEO
Telephone: +1 (780) 831-8722
Email: da@angkorgold.ca
Website: http://www.angkorresources.ca orfollow us on Twitter @AngkorResources
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.
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