Business
Angkor Announces Completion of Shares for Debt Settlement
(TheNewswire) GRANDE PRAIRIE, AB, - TheNewswire - August 4, 2023 - ...
About this update from Angkor Resources Corp.
[{"type":"text","content":"Angkor Announces Completion of Shares for Debt Settlement\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n GRANDE\n \n \n PRAIRIE,\n \n \n AB,\n \n \n -\n \n \n TheNewswire -\n \n \n August 4,\n \n \n 2023 -\n \n \n Angkor\n \n \n Resources\n \n \n Corp.\n \n \n (TSXV:ANK\n \n \n )\n \n \n and\n \n \n (\n \n \n OTC:ANKUR) (“Angkor” or\n“the Company”)\n \n \n is pleased to announce that\nfurther to its news release dated May 31, 2023, the Company has\nreceived approval for the issuance of 11,131,391 common shares of the\nCompany (the \"\n \n \n Debt\nShares\n \n \n \") at a price of $0.08 per share in\nsettlement (the \"\n \n \n Debt\nSettlement\n \n \n \"). $690,000 of the debt is to\nsettle creditors participation in a Joint Venture Funding agreement\nissued as previously announced in February 2022 and the remaining\n$195,511 is to settle outstanding Debt to certain consultants,\ncreditors, officers, and Directors of the Company.\n \n \n \n \n The TSX Venture Exchange has approved the Debt\nSettlements and by issuing the Debt Shares, the Debt has been\nextinguished.\n \n \n \n \n The issuance of the Debt Shares to certain Officers and\nDirectors constitutes a \"related party transaction\" as this\nterm is defined in Multilateral Instrument 61-101: Protection of\nMinority Securityholders in Special Transactions (\"\n \n \n MI 61-101\n \n \n \"). The\nCompany is relying on the exemptions from the valuation and minority\nshareholder approval requirements of MI 61-101 contained in sections\n5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value of\nthe Debt Shares nor the debt exceeds 25% of the Company's market\ncapitalization.\n \n \n \n \n All Debt Shares issued are subject to a statutory four\n(4) month hold period from the date of the issuance.\n \n \n \n \n \n This press release shall not constitute an offer to sell or the\nsolicitation of an offer to buy nor shall there be any sale of the\nsecurities in any state in which such offer, solicitation or sale\nwould be unlawful. The securities being offered have not been, nor\nwill they be, registered under the United States Securities Act of\n1933, as amended (the \"1933 Act\") and may not be offered or\nsold in the United States absent registration or an ap...