Angkor Gold To Issue Stock To CEO In Lieu of Salary

Angkor Gold Corp. (TSXV:ANK) (OTC PINK: ANKOF) (“Angkor” or “the Company”) announced today that it will issue Common shares in the Company to its CEO in satisfaction of an outstanding obligation to him for deferred salary upon final approval from the TSX-Venture.
Angkor CEO Mike Weeks has not collected a portion of his salary for several years. He recently entered into an agreement with the Company to accept the majority of the deferred salary owed to him in stock. The amount of shares for debt issued to Mr. Weeks will be 589,164 shares at a price of $0.40 per share, representing 80% of the $294,582 in salary due but not paid to him as CEO from October, 2012 to November, 2016. Mr. Weeks will also receive $58,916 in cash for the remaining 20% outstanding.
This obligation to the CEO was disclosed in the Company’s recent financial statements. It was previously recorded in the Company’s earlier financial statements as an accrued liability related to a contingency fund for social development projects, but was recently reclassified when the Company recognized it was no longer needed for such purpose, and as such, was to be returned to the CEO under its original agreement with him. Rather than take this accumulated compensation entirely in cash, the CEO agreed to take 80% of the obligation owed to him in shares to preserve company liquidity.
ABOUT ANGKOR GOLD CORP.
Angkor Gold Corp. is a public company listed on the TSX Venture Exchange and is Cambodia’s premier mineral explorer with a significantly large land package and a first-mover advantage building strong relationships with all levels of government and stakeholders.
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.
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Source: www.marketwired.com