Angkor Resources Settles Debt with Share Issuance
GRANDE PRAIRIE, AB -- March 28, 2022 -- NewsGenie -- Angkor Resources Corp. has announced that its Board of Directors has approved the settlement of up to $79,397 of debt from accrued interest on outstanding Convertible Notes through the 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 share purchase warrant exercisable for 12 months at $0.15. The Company will also issue 420,091 common shares at $0.09 to insiders, settling interest owed on Notes detailed on July 16, 2018.
The Company also intends to issue up to 3,507,136 common shares at $0.09 per share to settle outstanding debt to certain consultants and creditors, including 3,240,470 shares to insiders.
The issuance of Units and Shares for debt is subject to TSX Venture Exchange approval and a four-month hold period.
As insiders participated in the Debt Settlement, it is a "related party transaction" under Multilateral Instrument 61-101. The independent directors considered the transactions and determined the fair market value of the securities issued to insiders is reasonable, relying on exemptions from valuation and minority shareholder approval requirements of MI 61-101.
Angkor Resources Corp. is a public company listed on the TSX-Venture Exchange, and an early-entry resource explorer in Cambodia. In 2020, it initiated negotiations on Production Sharing Contract (PSC) terms for Block VIII, a 7,300 square kilometre oil and gas license in Cambodia.
Contact: Delayne Weeks, CEO, +1 (780) 831-8722, da@angkorgold.ca, http://www.angkorresources.ca.