Canada-based Angkor Resources Corp – formerly Angkor Gold Corp – announced on Tuesday that it has raised $1 million for financing its new Cambodian Block VIII oil and gas licence.
The firm’s CEO Stephen Burega said the funds were raised by subsidiary EnerCam Exploration Ltd through the private sale of shares of EnerCam Resources Singapore Pty Ltd (EnerCam Singapore) to various international accredited investors, Angkor Resources said.
EnerCam Resources Singapore is a private company incorporated in Singapore by Angkor Resources to hold 100 per cent ownership of the Cambodian oil and gas concession licence.
Prior to the sale, EnerCam Singapore was 100 per cent owned by Angkor Resources’ wholly owned Canadian subsidiary EnerCam Exploration.
Neither shares in EnerCam Singapore nor EnerCam Exploration are publicly traded.
EnerCam Exploration has allocated up to 2.5 million of EnerCam Singapore’s total 10 million outstanding shares for sale at a price of $1 per share to finance early stage start-up costs and exploration of the Block VIII oil and gas licence.
These shares are subject to several terms and conditions, including limited buy-back rights, a drag-along right and anti-dilution provisions. There is no associated offering of Angkor Resources’ shares.
Funds will be used to pay licensing fees, acquire existing seismic and geological data, field exploration and general operating expenses.
Angkor Resources, a public company that is listed on Canada’s TSX-Venture Exchange, recently obtained a new licence for Block VIII, which covers 7,300sq km in the Gulf of Thailand.