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Angkor Resources Completes Agreement for $590,000 USD on Oyadao North License Disposition
(TheNewswire) GRANDE PRAIRIE, ALBERTA - TheNewswire - June 25, 2024 - ANGKOR RESOUR...
About this update from Angkor Resources Corp.
[{"type":"text","content":"Angkor Resources Completes Agreement for $590,000 USD on Oyadao North License Disposition\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 PRAIRIE, ALBERTA -\n \n \n TheNewswire -\n \n \n June 25, 2024 - ANGKOR RESOURCES CORP.\n(TSXV: ANK\n \n \n )\n \n \n and\n \n \n (\n \n \n OTCQB: ANKOF) (“ANGKOR\n \n \n ” or the\n \n \n “Company”)\n \n \n announces\n \n \n it has signed an agreement with Almighty Natural Resources Ltd.\n(“Almighty”)  of Dubai, UAE to transfer its 100% interest in the\nexploration Oyadao North license for $590,000 USD plus a 3% Net\nSmelter Royalty (“NSR”) on all minerals produced from the license\n(“the Agreement”).\n \n \n \n \n Payments of $590,000 shall come to Angkor in three\ntranches over July, August, and September of 2024.\n \n \n \n \n Angkor’s Chief Financial Officer Grant T. Smith\ncomments on the transaction, “This opportunity to optimize current\nvalue from the Oyadao North license, while maintaining a 3% NSR is\nconsistent with the Company’s objectives. Cash is tight in today’s\nmarket, and this move provides opportunity to advance other projects\nby monetizing asset value, without diluting shareholder\nvalue.”\n \n \n \n \n This agreement, signed on June 18 2024, replaces the\nprevious agreement of Nov. 3, 2023 whereby Almighty earned up to 80%\nof the two licenses in Ratanakiri, Oyadao North and Andong Meas.  \nThe result of the new agreement places 100% ownership and interest of\nthe Andong Meas license with Angkor and positions it as a priority for\nexploration.   There were no finder’s fees paid on the transaction.\n \n \n \n \n The use of proceeds shall be used to:\n \n \n \n \n \n \n Expand oil and gas production in Canada;\n \n \n \n \n \n \n Finance exploration work on the Andong Meas\nlicense.\n \n \n \n \n \n \n Andong Meas hosts two copper gold porphyry targets and\nan epithermal gold target. This new agreement will provide the funds\nneeded to source the expertise and the resources necessary to\nsignificantly advance this property.\n \n \n \n \n Dennis Ouellette, VP of Exploration comments on the\nwork plan strategy, “With the two copper gold porphyry systems o...