Angkor Gold cashes in on Cambodia

It has been just over a year since Vancouver-based Angkor Gold (ANK-V) went public with its stable of Cambodian exploration projects, and it is looking like the company’s early mover strategy in the developing Southeast Asian nation might be poised to pay off. To kick off the new year, Angkor entered into an agreement with a partnership that includes Chinese gold miner Canxiang Mining to sell a portion of its Oyadao gold-silver property for US$2.4 million in cash. Angkor chairperson and CEO Michael Weeks says the transaction is part of a deal-making strategy that would let the company fund exploration on its expansive Cambodian land package with limited equity dilution. … The sale could mark the first step in Angkor’s strategy to develop a project-generation model in Cambodia. The company retains a 100% stake in 2,800 sq. km in the country, and spent US$10 million privately during extensive surface campaigns that included airborne magnetics, sampling and trenching on its properties. … Angkor has traded within a 52-week range of 26¢ and 60¢, and has 75 million shares outstanding. The company closed at 33¢ per share at press time and maintained a $25-million market capitalization. The Oyadao transaction is expected to close within 45 days.

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