Angold Announces Closing of $805,894 Private Placement
April 14, 2022
ANGOLD ANNOUNCES CLOSING OF $805,894 PRIVATE PLACEMENT
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Vancouver, British Columbia, April 14, 2022 – Further to its news release dated April
7, 2022, Angold Resources Ltd. (TSXV:AAU, FRA:13L, OTCQB:AAUGF) (“Angold”
or the “Company”) is pleased to announce closing of a non- brokered private placement
of 5,756,386 units (each, a “ Unit”) at a price of $0.14 per Unit for aggregate gross
proceeds of $ 805,894 (the “Offering”). Each Unit will consist of one common share (a
“Common Share ”) and one common share purchase warrant of the Company (a
“Warrant”). Each Warrant will be exercisable to purchase one Common Share at an
exercise price of $0.20 until April 14, 2025.
Angold’s CEO, Mr. Adrian Rothwell, stated: “ With a strong working capital position,
Angold is now fully funded to execute the first phase of drilling at Iron Butte, Nevada, and
to conclude permitting at Dorado, Chile. We look forward to mobilizing drills at Iron Butte
in the coming week.”
Net proceeds from the Offering will be used to advance the Com pany’s projects as well
as for general working capital purposes. All securities issued in connection with the
Offering are subject to a statutory hold period until August 15, 2022 in accordance with
applicable securities laws.
The Offering included partic ipation by directors and officers of the Company in the
aggregate amount of 150,000 Units. Their participation constitutes “related party
transactions” within the meaning of Multilateral Instrument 61-101 – Protection of Minority
Security Holders in Special Transactions (“ MI 61-101”). The issuances are exempt from
the formal valuation and minority shareholder approval requirements of MI 61-101 as they
were a distribution of securities for cash and the fair market value of the Units issued to
and the aggregate consideration paid by the directors and officers did not exceed 25
percent of the Company's market capitalization.
The Company did not file a material change report more than 21 days before the expected
closing of the Offering because the details of the participation therein by the related
parties of the Company were not settled until shortly prior to the closing of the Offering
and the Company wished to close on an expedited basis for business reasons.
About Angold
Angold is an exploration and development company targeting large- scale mineral
systems in the proven districts of the Maricunga, Nevada , and Ontario. Angold owns a
100% interest in the Dorado, Cordillera and South Bay -Uchi projects, and certain claims
that append the optioned Iron Butte project.
ON BEHALF OF THE BOARD OF ANGOLD RESOURCES LTD.
“Adrian Rothwell”
Chief Executive Officer
Further information on Angold can be found on the Company’s website at
www.angoldresources.com and at www.sedar.com, or by contacting the Company by
email at [email protected] or by telephone at (855) 917-4091.
This news release shall not constitute an offer to sell or a solicitation of an offer to buy,
nor shall there be any sale of these securities in any jurisdiction in which an offer,
solicitation or sale would be unlawful prior to registration or qualifications under the
securities laws of any such jurisdiction.
Neither the 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.
Forward Looking Statements: This news release contains forward- looking statements and f orward-looking information within the
meaning of applicable securities laws. These statements relate to future events or future performance and includes expectations of
the intended use of proceeds from the Offering. All statements other than statements of historical fact may be forward- looking
statements or information. Forward-looking statements and information are often, but not always, identified by the use of words such
as “appear”, “seek”, “anticipate”, “plan”, “continue”, “estimate”, “approximate”, “ expect”, “may”, “will”, “project”, “predict”, “potential”,
“targeting”, “intend”, “could”, “might”, “should”, “believe”, “would” and similar expressions. Forward-looking statements and information
are provided for the purpose of providing information about the current expectations and plans of management of the Company relating
to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purpos es,
such as making investment decisions. Since forward- looking statements and information address future events and conditions, by
their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated
due to a number of factors and risks. Accordi ngly, readers should not place undue reliance on the forward- looking statements,
timelines and information contained in this news release.