SEXSMITH, Alberta, May 09, 2018 (GLOBE NEWSWIRE) -- ANGKOR GOLD CORP. (TSXV:ANK) (OTC:ANKOF) (“Angkor” or “the Company”) the “Company”) a leading Canadian gold and copper mineral explorer in Cambodia, is pleased to announce that it is proceeding with a financing for up to CDN $2 million in unsecured convertible notes of the Corporation (the "Notes").
The Notes have a three (3) year term and bear interest at the rate of six percent (6.00%) per annum if paid in cash or ten percent (10%) per annum if paid by common shares. At the option of the Note holder, interest payments may be made in cash or in the form of common shares at an issue price equal to the market price at the time of settlement. At the end of the term the Company will have the option to convert the principal amount into common shares in the capital of the Company at a conversion price of $0.25 per share, or repay the outstanding principal in cash. The Notes will also consist of a detachable warrant exercisable for a common share in the Company at $0.30 for a period 3 years from the issue date.
The company further announces that it has received and is closing the first tranche of this financing for a total of $550,000.00. Pending TSX-V approval, the company will issue the convertible note for $550,000.00 and 2,200,000 warrants in connection with this first tranche.
The proceeds from this offering will be used to finance continued gold and copper exploration on Angkor’s five exploration licenses in Cambodia, and for general working capital purposes.
The offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in the United States. The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an application exemption from the registration requirements.
ABOUT ANGKOR GOLD CORP.
ANGKOR Gold 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 a first-mover advantage building strong relationships with all levels of government and stakeholders.
On behalf of the Board,
Mike Weeks, Executive Chairman
Angkor Gold Corp.
CONTACT:
Stephen Burega, CEO
Telephone: (647) 515-3734
Email: sb@angkorgold.ca
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.