Angkor Shares for Debt Transaction

About this update from Angkor Resources Corp.

[{"type":"text","content":"Angkor Shares for Debt Transaction\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, AB -\n \n \n TheNewswire -\n \n \n May 31, 2023 -\n \n \n Angkor Resources Corp.\n \n \n (TSXV:ANK\n \n \n )\n \n \n and\n \n \n (\n \n \n OTC:ANKOF) (“Angkor” or “the\nCompany”)\n \n \n reports that its Board of Directors\nhas approved the settlement of $682,500 of debt accrued through\ncreditors participation in a Joint Venture Funding agreement issued as\npreviously announced in February 2022. The debt will be settled\nthrough the issuance of 8,531,250 Common shares at a deemed price of\n$0.08 per Share.\n \n \n \n \n The Company also wishes to issue up to 2,443,890 common\nshares at a deemed price of $0.08 per share for the settlement of\noutstanding Debt to certain consultants and creditors including\n2,406,391 to be issued to insiders of the Company.\n \n \n \n \n The issuance of the Units and Shares for debt to the\nCreditors is subject to the approval of the TSX Venture Exchange. All\nsecurities issued will be subject to a four-month hold period which\nwill expire on the date that is four months and one day from the date\nof issue.\n \n \n \n \n As certain insiders participated in the Debt\nSettlement, it is considered to be a \"related party\ntransaction\" under Multilateral Instrument 61-101- Protection of\nMinority Security Holders in Special Transactions (\"MI\n61-101\"). All of the independent directors of the Company, acting\nin good faith, considered the transactions and have determined that\nthe fair market value of the securities being issued to insiders and\nthe consideration being paid is reasonable. The Company intends to\nrely on the exemptions from the valuation and minority shareholder\napproval requirements of MI 61-101 contained in sections 5.5(b) and\n5.7(b) of MI 61-101.\n \n \n \n \n \n ABOUT ANGKOR RESOURCES\nCORPORATION:\n \n \n \n \n \n Angkor Resources Corp. is a public company, listed on\nthe TSX-Venture Exchange, and is a leading resource optimizer in\nCambodia working towards mineral and energy solutions across the\ncountry. The company holds multiple mineral exploration licenses in\nthe country and in late 2022, its subsidiary, EnerCam Resources, was\ngranted an onshore oil and gas lice...

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