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GRANDE PRAIRIE, AB–(Marketwired – August 16, 2016) – Angkor Gold (TSXV:ANK) is pleased to announce a Brokered Private Placement (the “Private Placement”) and has engaged Gravitas Securities Inc. (“Gravitas Securities” or the “Agent”) to complete a best efforts private placement to fund Angkor’s operations and exploration activities with respect to its license package covering 1,352 km2 across six licenses located in the northeast regions of Cambodia.
GRANDE PRAIRIE, AB–(Marketwired – August 16, 2016) – Angkor Gold (TSXV:ANK) is pleased to announce a Brokered Private Placement (the “Private Placement”) and has engaged Gravitas Securities Inc. (“Gravitas Securities” or the “Agent”) to complete a best efforts private placement to fund Angkor’s operations and exploration activities with respect to its license package covering 1,352 km2 across six licenses located in the northeast regions of Cambodia.
The private placement is for 3,488,372 units (each “Unit”) at a purchase price of $0.43 per Unit, for aggregate gross proceeds to the Company of up to $1,500,000. Each Unit consists of one (1) common share (“Common Share”) of the Company and one (1) full non-transferable share purchase warrant (“Warrant”).
Each full Warrant will entitle the holder to acquire one (1) Common Share at an exercise price of $0.50 for a period of 12 months from the closing date of the Private Placement. In the event that the Company’s common shares trade at a closing price on the Exchange of greater than $0.60 per share for a period of 10 consecutive trading days at any time after the closing date, the Company may accelerate the expiry date of the Warrants by giving notice to the holders thereof and in such case the Warrants will expire on the 30th day after the date hereafter referred to as the Eligible Acceleration Date on which such notice is given by the Company. The private placement is subject to TSX Venture Exchange approval. There will be a hold period of four months and one day on all securities issued under this financing.
Gravitas Securities has agreed to act as agent for and on behalf of Angkor with the proposed best efforts private placement offering, and is entitled to an Agency Fee of 7% of the cash received from the sale of the Offered Securities, and Broker Warrants equal to 7% of the aggregate number of Common Shares issued, on the same terms as the Warrants acquired by subscribers to the offering.
“We are thrilled to be working with the Gravitas team,” stated Mike Weeks, Chairman of Angkor. “Their previous successes with other companies gave us the confidence that they were the right partner for Angkor, and we are excited by the extensive strategic network they bring to the table,” he concluded.
The Company intends to use the net proceeds of the Private Placement to fund (1) the acquisition of new land tenements in Cambodia; (2) the 2016-2017 work season with a primary focus on the Andong Meas and Koan Nheak tenements; and (3) for general working capital and maintaining Angkor’s land assets in good standing.
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