GRANDE PRAIRIE, AB, (September 13, 2023): Angkor Resources Corp. (TSXV: ANK and OTC: ANKOF) (“Angkor” or “the Company”) announces it intends to complete a non-brokered private placement of up to 3,571,428 units (each a “Unit”) at CAD$0.07 per Unit for gross proceeds of up to CAD$250,000 (the “Offering”). Each Unit comprised of one (1) common share in the capital of the Company (each a “Common Share”) and one-half of one (1/2) transferable Common Share purchase warrant (each a “Warrant”). Each Warrant entitles the holder to acquire one (1) Common Share at CAD$0.10 for two (2) years from the date of issuance.
The Company intends to use the net proceeds from the Offering for general working capital purposes.
The Company expects that the participation by directors and/or officers (collectively the “Insiders”) in the Offering will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61-101 based on the fact that neither the fair market value of the Units subscribed for by the Insiders, nor the consideration for the Units to be paid by the Insiders, will exceed 25% of the Company’s market capitalization.
The completion of the Offering is subject to, among other things, acceptance of the TSX Venture Exchange (the “TSXV”), and all securities issued pursuant to the Offering will be subject to a four month hold period from the date of Closing.
ABOUT ANGKOR RESOURCES CORPORATION:
Angkor Resources Corp. is a public company, listed on the 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, EnerCam Resources, was granted an onshore oil and gas license of 7300 square kilometers in the southwest quadrant of Cambodia. Angkor’s carbon capture and gas conservation project in Saskatchewan, Canada proves its long-term commitment to Environmental and Social projects across expanding jurisdictions.
Delayne Weeks – CEO
Email: [email protected] Website: angkorresources.com Telephone: +1 (780) 831-8722 Please follow @AngkorResources on LinkedIn, Facebook, Twitter, Instagram and YouTube. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to the potential 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 of general economic conditions, industry conditions, dependence upon regulatory approvals, uncertainty of sample results, timing and results of future exploration, and the availability of financing. Readers are cautioned that 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 on forward-looking statements.