SEXSMITH, AB–(Marketwired – September 29, 2017) – Angkor Gold Corp. (TSX VENTURE: ANK) and (OTC PINK: ANKOF) (“Angkor” or the “Company”) CEO Mike Weeks is pleased to announce that the Company has closed a non-brokered private placement. The Private Placement is subject to TSX Venture Exchange approval.
The Company completed the sale of 1,900,000 units (“Unit”) at a purchase price of C$0.30 per unit for gross proceeds of C$$570,000. Each Unit consists of one (1) common share (“Common Share”) of the Company and one (1) full non-transferable share purchase warrant (“Warrant”). Each full Warrant will entitle the holder to acquire one (1) Common Share at an exercise price of $0.35 for a period of 24 months from the closing date of the Private Placement. In the event that the Company’s common shares trade at a closing price on the Exchange of greater than $0.45 per share for a period of 10 consecutive trading days at any time after the closing date, the Company may accelerate the expiry date of the Warrants by giving notice to the holders thereof and in such case the Warrants will expire on the 30th day after the date hereafter referred to as the Eligible Acceleration Date on which such notice is given by the Company. Aggregate cash finders’ fees of $6,000 were paid by Angkor to various arms’ length parties, in addition to an aggregate of 20,000 finder’s warrants issued (with the same attributes as the warrants underlying the Units), under agreements with the arms’ length parties in connection with certain non-brokered subscriptions of the Offering. Of the total, approximately 166,673 Units were purchased by insiders and management of Angkor.
The Common Shares acquired by the subscribers are subject to a hold period of four months plus one day and may not be traded until January 29, 2018.
The Company intends to use the funds raised from the issuance of the shares for general working capital, greatly expanded marketing efforts, and to continue to fund the on-going exploration programs at its properties located in Cambodia.
ABOUT ANGKOR GOLD CORP.
ANGKOR Gold Corp. is a public company listed on the TSX-Venture Exchange and is a leading mineral explorer in Cambodia with a large land package and a first-mover advantage building strong relationships with all levels of government and stakeholders.
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 of the statements made and information contained herein may constitute “forward-looking information”. In particular references to the private placement and future work programs or expectations on the quality or results of such work programs are subject to risks associated with operations on the property, exploration activity generally, equipment limitations and availability, as well as other risks that we may not be currently aware of. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.
Contact Information
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FOR FURTHER INFORMATION PLEASE CONTACT:
ANGKOR GOLD CORP.
Stephen Burega
Vice President of Corporate Development
Telephone: (647) 515-3734
Email: [email protected]
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