Non-Brokered Private Placement of up to $1.4 Million
Angkor Resources Corp (C:ANK)
Shares Issued 111,917,279
Last Close 5/29/2020 $0.05
Friday May 29 2020 – News Release
Mr. Stephen Burega reports
NON-BROKERED PRIVATE PLACEMENT OF UP TO $1.4 MILLION
Angkor Resources Corp. has arranged a non-brokered private placement with a syndicate of strategic investors led by Palisades Goldcorp Ltd.
The private placement is for up to 28,000,000 units (each “Unit”) at a purchase price of $0.05 per Unit, for aggregate gross proceeds to the Company of up to $1.4-million. Each Unit consists of one (1) common share (“Common Share”) of the Company and one (1) non-transferable share purchase warrant (“Warrant”). Each Warrant will entitle the holder to acquire one (1) Common Share of the Company at an exercise price of $0.10 for a period of 36 months from the closing date of the Private Placement.
Use of proceeds from the Private Placement will fund ongoing exploration activities and operations.
The private placement is subject to TSX Venture Exchange approval. There will be a hold period of four months and one day on all securities issued under this financing.
The Company has no control over trading in its shares. We understand that yesterday’s market volatility was the result of an inadvertent data entry error made by a financial intermediary who deals in our shares. The Company is conducting an investigation of this incident to determine how we can work with financial intermediaries to minimize the possibility of a recurrence.
About Angkor Resources Corp.
Angkor Resources is a public company, listed on the TSX-Venture Exchange, and is a leading mineral explorer in Cambodia with a large land package. In 2019, it entered into negotiations with the Cambodian Government on Block VIII, a 7,300 square kilometre oil and gas exploration license in Cambodia.
We seek Safe Harbor.
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