TORONTO, March 26, 2020 (GLOBE NEWSWIRE) -- 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.
Stephen Burega, CEO
Telephone: +1 (647) 515-3734
Website: 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.