SOURCE: Angkor Gold Corporation

Angkor Gold Corporation

July 27, 2016 15:13 ET

Angkor Gold Completes Oversubscribed Private Placement

GRANDE PRAIRIE, AB--(Marketwired - July 27, 2016) - ANGKOR GOLD CORP. (TSX VENTURE: ANK) ("ANGKOR") announces that it has completed its non-brokered private placement, as previously announced (the "Private Placement"). The previously announced $1,200,000 Private Placement was oversubscribed and the Company raised total gross proceeds of $1,250,400 through the issuance of 3,126,000 units (the "Units") at a price of $0.40 per each unit consists of one common share of and one-half common share purchase warrant ( each whole warrant, a "Warrant"), each Warrant entitles the holder thereof to purchase one additional common share at a price of $0.50 per share for a period of 12 months from the date of issuance and is also subject to an acceleration clause. The securities issued will have a four month hold period from the date of closing. The Private Placement is subject to TSX Venture Exchange approval.

"Along with the work we will be doing with our new partners, Blue River and JOGMEC, we will also be focusing our energy on the Andong Meas license," said JP Dau, VP of Operations. "We have seen an increased level of interest recently from various international players, and are hopeful that additional partnerships are on the horizon," he concluded.

ANGKOR is expecting the final approval of MESCO Gold's ESIA in the coming weeks. Also, ANGKOR recently announced two separate earn-in agreements - the first with Blue River Resources of Vancouver, Canada (May 9, 2016) and the second with Japan Oil, Gas and Metals National Corporation ("JOGMEC") (June 14, 2016). In both cases, ANGKOR will be Operator on the projects for the upcoming work season.

"Along with operational capital, this cash injection will allow ANGKOR to continue to build shareholder value as we begin the process of identification, and eventual acquisition, of new exploration licenses in Cambodia" stated Mike Weeks, Chairman and CEO of ANGKOR.

ANGKOR's six exploration licences in the Kingdom of Cambodia cover 1,273 km2, which the company has been actively exploring over the past 6 years. The Company has now covered all tenements with stream sediment geochemical sampling and has flown low level aeromagnetic surveys over most of the ground. ANGKOR has drilled 21,855 metres of NQ core in 190 holes, and has collected in excess of 110,000 termite mound, 'B' and 'C' zone soil samples in over 20 centres of interest over a combined area of over 140km2, in addition to numerous trenches and detailed geological field mapping. Exploration on all tenements is ongoing.

ANGKOR GOLD CORP.

ANGKOR Gold Corp. is a public company listed on the TSX-Venture Exchange, is Cambodia's premier gold explorer with a significantly large land package and a first-mover advantage with excellent relationships at all levels of government (local to national). For more Corporate information visit our website at: http://www.angkorgold.ca/ or follow us @AngkorGold for all the latest updates.

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.

Certain of the statements made and information contained herein may constitute "forward-looking information". In particular references to the private placement and future work programs or expectations on the quality or results of such work programs are subject to risks associated with operations on the property, exploration activity generally, equipment limitations and availability, as well as other risks that we may not be currently aware of. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.

Contact Information

  • FOR FURTHER INFORMATION, PLEASE CONTACT:
    ANGKOR GOLD CORP.
    Stephen Burega
    Vice President of Corporate Development
    Telephone: (647) 515-3734
    Email: sb@angkorgold.ca