Angkor Subsidiary Raises USD $1,000,000 Through Direct Share Sales
October 22, 2019 (Source) – Angkor Resources Corp. (TSXV: ANK and OTC: ANKOF) (“Angkor” or “the Company”) CEO Stephen Burega is pleased to announce that Angkor subsidiary EnerCam Exploration Ltd. has raised USD $1,000,000 to date to advance Angkor’s new Cambodian oil and gas license (Block VIII) through the private sale of shares of EnerCam Resources Singapore Pty. Ltd. (“EnerCam Singapore”) to various international accredited investors.
EnerCam Resources Singapore Pty. Ltd. is a private company incorporated in Singapore by Angkor to hold 100% ownership of the Cambodian oil and gas concession license. Prior to the sale of shares, 100% of EnerCam Singapore was owned by Angkor’s wholly-owned Canadian subsidiary, EnerCam Exploration Ltd. Neither of the shares of EnerCam Resources Singapore Pty. Ltd. nor EnerCam Exploration Ltd. are publicly traded.
Angkor’s subsidiary, EnerCam Exploration Ltd., has allocated up to 2.5 million of a total 10 million outstanding shares of EnerCam Singapore for sale at a price of USD $1 per share in order to finance early stage start-up costs and exploration of the Block VIII oil and gas license. These shares are not available to the public, and are subject to several terms and conditions including limited buy-back rights, drag along, and anti-dilution provisions. There is no associated offering of Angkor Resources Corp. shares.
Funds will be used to pay licencing fees, acquire existing seismic and geological data, field exploration and general operating expenses.
ABOUT ANGKOR RESOURCES CORP.
Angkor Resources 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 an oil and gas exploration license that covers 7,300 square kilometres of Cambodia.
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.
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