Angkor Resources Corp. (TSXV: ANK and OTC: ANKOF) (“Angkor”
or “the Company”) CEO Stephen Burega is pleased to provide
an update on a stock issuance and the Company’s Covid-19 response.
As previously announced in a press release dated
January 13, 2020, the Company entered into an Earn-In Agreement
with Hommy Oyadao Inc. (“Hommy”), under which Hommy may earn up to
a 70% interest in Angkor’s Oyadao North License in exchange for
payments totalling USD $4.6 million to fund exploration. In
addition, Hommy was granted an initial 10% earn-in interest in
Oyadao by releasing its previous interest by Hommy 5 Resources Inc.
in Angkor’s Banlung License (see press release dated Sept. 19,
2018) and agreeing to convert 50% of Hommy’s completed exploration
and development expenditures under the previous Banlung Agreement
into shares of Angkor Resources Corp. at a fixed price of CDN $0.25
per share, subject to the approval of the TSXV. At the time of the
end of the Banlung Agreement on January 8, 2020, 50% of Hommy’s
completed exploration and development expenditures was agreed to
total USD $450,000, representing 2,344,680 common shares of Angkor,
which Angkor now will be applying to the TSXV for approval to
issue.
Exploration is ongoing at Oyadao under the
current Earn-In Agreement.
The Oyadao License is a 222 km2 area near the
Vietnam border, running north and east of Mesco’s Phum Syarung mine
site.
Angkor Resources would also like to report that
it has taken actions to minimize the risks of the Covid-19 virus,
both to employees and people interacting with the Company’s
programs and activities. Although there are no known or suspected
cases of the virus reported at any of Angkor’s workplaces in Canada
or Cambodia, we are strictly following the government health
protocols of both countries. The health and safety of our staff and
the communities in which we work always comes first.
ABOUT THE HOMMY GROUP
Hommy Oyadao Inc. and Hommy 5 Resources Inc. are
private companies based in Alberta, Canada. It is a family fund of
Canadian investors experienced in the resource sector.
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. In 2019 it added
Block VIII, a 7,300 square kilometre oil and gas exploration
license in Cambodia, to its exploration portfolio.
CONTACT:
Stephen Burega, CEOTelephone: +1 (647)
515-3734Email: sb@angkorgold.caWebsite: http://www.angkorgold.ca or
follow us on Twitter @AngkorGold.
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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