VANCOUVER, British Columbia, June 26, 2014 (GLOBE NEWSWIRE) -- ANGKOR GOLD CORP. (TSX-V:ANK) ("ANGKOR") is pleased to announce that it has closed the previously announced transaction with Tohui Beishan Property Group Holding Limited ("TG"), incorporated under the laws of Hong Kong, China and has issued to TG an aggregate of 7,900,000 units of ANGKOR for aggregate gross proceeds of $2,250,000. Each unit consists of one common share at a price of $0.285 per share and one non-transferrable warrant. Each warrant entitles the holder to purchase one additional common share of ANGKOR at an exercise price of $0.50 and is valid until June 30, 2015.
TG has also been issued an option to acquire up to 15 per cent of the share capital of its wholly owned Cambodian subsidiary, Angkor Gold Cambodia Co. Ltd. for an aggregate exercise price of $4,285,000. The option is valid until June 30, 2015.
A large exploration team has been on the site conducting a detailed geological mapping termite mound geochemistry and induced polarization geophysics over several prospects since early April. The team had 25 geoscientists contracted from Beijing Explor-Tech Engineering Co. Ltd. and the China Chemical Geology and Mine Bureau Shandong Geological Prospecting Institute supported by 54 staff deployed by Angkor.
The company is very encouraged by initial work which has verified and refined several new anomalies. The team has demonstrated strong synergies and enjoys working together.
The transaction entitled TG to nominate a director to join the board of Angkor. The company welcomes Mr. Peng (currently the President of TG) to the Angkor board. Mr. Jiancheng Peng received his engineering degree from Southwest Jiaotong University in 1982. He has spent 20 years in enterprise management and business operations for Chinese state-owned companies. He founded and chairs Tonghui Investment Management Corp. and the Tonghui Group of companies, specializing in the financial, industrial and service sectors.
Mike Weeks, CEO of ANGKOR commented on the closing of the transaction, "We are excited to add this partner to help fast track Cambodia to mineral development and production. I am also very pleased to have Mr. Peng join our Board. He is a source of highly technical professionals and has a similar philosophy towards Social Responsibility."
Jiancheng Peng, Chairman of TG commented, "I have great confidence in Cambodia and ANGKOR's position in Cambodia. There is great potential for large mineral developments and we are pleased to be involved early in this venture."
Mr. Peng shall receive 150,000 options with his position on the Board of ANGKOR. At the same time, Don Mosher, ANGKOR's new Corporate Development Manager, will receive 125,000 options. Each option each entitles the holder thereof to purchase one Common Share in the capital of ANGKOR for a period of three years at a price of $0.33 per share. Mr. Peng's options will vest immediately upon granting. Mr. Mosher's options will vest in equal portions over a period of two years. The stock options are not transferrable. The common shares issued upon exercise of the stock options will be subject to a four month resale restriction from the date of grant.
On June 24, 2014, the last day that the Company's common shares traded prior to the granting of the stock options, the closing trading price of the common shares on the TSX Venture Exchange was $0.33.
ANGKOR's 7 exploration licences in the Kingdom of Cambodia cover 1,448 km2, which the company has been actively exploring over the past 5 years. The company has now covered all tenements with stream sediment geochemical sampling; has flown low level aeromagnetic surveys over most of the ground; drilled 18,737 metres of NQ core in 148 holes; and has collected in excess of 20,000 augered 'C' zone soil samples and over 50,000 termite mound samples in 17 centres of interest, over a combined area of 80km2, in addition to numerous trenches and detailed geological field mapping. Exploration on all tenements is ongoing.
ANGKOR GOLD CORP., 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).
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CONTACT: FOR FURTHER INFORMATION PLEASE CONTACT: ANGKOR GOLD CORP. Mike Weeks, President Telephone: (780) 568-3801 Email: firstname.lastname@example.orgSource:Angkor Gold Corp.