Business
Angkor Closes Definitive Agreement with Strategic Partner
Vancouver, British Columbia--(Newsfile Corp. - June 26, 2014) - ANGKOR GOLD CORP. (TSXV: ANK)...
About this update from Angkor Resources Corp.
[{"type":"text","content":"Angkor Closes Definitive Agreement with Strategic PartnerVancouver, British Columbia--(Newsfile Corp. - June 26, 2014) - ANGKOR GOLD CORP. (TSXV: \nANK) (\"ANGKOR\") is pleased to announce that it has closed the previously \nannounced transaction with Tohui Beishan Property Group Holding Limited \n(\"TG\"), incorporated under the laws of Hong Kong, China and has issued to \nTG an aggregate of 7,900,000 units of ANGKOR for aggregate gross proceeds of \n$2,250,000. Each unit consists of one common share at a price of $0.285 per \nshare and one non-transferrable warrant. Each warrant entitles the holder to \npurchase one additional common share of ANGKOR at an exercise price of $0.50 and \nis valid until June 30, 2015. \nTG has also been issued an option to acquire up to 15 per cent \nof the share capital of its wholly owned Cambodian subsidiary, Angkor Gold \nCambodia Co. Ltd. for an aggregate exercise price of $4,285,000. The option is \nvalid until June 30, 2015. \nA large exploration team has been on the site conducting a \ndetailed geological mapping termite mound geochemistry and induced polarization \ngeophysics over several prospects since early April. The team had 25 \ngeoscientists contracted from Beijing Explor-Tech Engineering Co. Ltd. and the \nChina Chemical Geology and Mine Bureau Shandong Geological Prospecting Institute \nsupported by 54 staff deployed by Angkor. The company is very encouraged by \ninitial work which has verified and refined several new anomalies. The team has \ndemonstrated strong synergies and enjoys working together.\nThe transaction entitled TG to nominate a director to join the \nboard of Angkor. The company welcomes Mr. Peng (currently the President of TG) \nto the Angkor board. Mr. Jiancheng Peng received his engineering degree from \nSouthwest Jiaotong University in 1982. He has spent 20 years in enterprise \nmanagement and business operations for Chinese state-owned companies. He founded \nand chairs Tonghui Investment Management Corp. and the Tonghui Group of \ncompanies, specializing in the financial, industrial and service sectors. \nMike Weeks, CEO of ANGKOR commented on the closing of \nthe transaction, \"We are excited to add this partner to help fast track Cambodia \nto mineral development and production. I am also very pleased to have Mr. Peng \njoin our Board. He is a source of hi...