Angold Resources Announces Financing, Debt Settlement and Claim Staking
Angold Resources Announces Financing, Debt Settlement and Claim Staking
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Vancouver, British Columbia – October 1 3th, 2023 – Angold Resources Ltd. (“Angold” or the
“Company”) (TSXV: AAU) (Frankfurt: 13L) announces that it will complet e a non -brokered private
placement (the “Offering”). The Offering will consist of up to 13 ,000,000 common shares of the
Company at a price of $0.05 for aggregate gross proceeds of up to $650,000.
The Offering is subject to approval of the TSX Venture Exchange, and all securities issued will be subject
to a four month hold period under Canadian securities laws. The proceeds from the Offering will be
used for financing of existing obligations and for general and administrative expenses. The Company
may pay finders’ fees to arms -length parties in consideration for introducing subscribers to the
Offering.
This press release is not an offer to sell or the solicitation of an offer to buy the securities in the United
States or in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to
qualification or registration under the securities laws of such jurisdiction. The securities being offered
have not been, nor will they be, registered under the United States Securities Act of 1933, as amended,
and such securities may not be offered or sold within the United States or to, or for the account or
benefit of, U.S. persons absent registration or an applicable exemption from U.S. registration
requirements and applicable U.S. state securities laws.
Debt Settlement
The Company also announces that it will settle outstanding indebtedness (the “Indebtedness”) of
$90,000 owing to certain arms -lengths parties and an officer of the Company in connection with
working capital loans made to the Company, and a further $ 61,000 in indebtedness owing to certain
officers of the Company in consideration for services previously rende red to the Company. The
Company will settle the Indebtedness through the issuance of 3,020,000 common shares at a deemed
price of $0.05 per share.
All securities issued in settlement of the Indebtedness will be subject to a four month hold period
under Canadian securities laws.
Related Party Participation
Related parties of the Company may participate in the Offering , although the extent of their
participation is undetermined at this time , and will receive securities in connection with the
settlement of the Indebtedness. The settlement of $91,000 of the Indebtedness, and any participation
by insiders in the Offering , will constitute "related party transactions" within the meaning of
Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (“MI
61-101”). The issuance to related parties will be exempt from the valuation requirement of MI 61-101
by virtue of the exemption contained in section 5.5(b) as the Company's shares are not listed on a
specified market. The issuance to related parties is expected to be exempt from the minority
shareholder approval requirements of MI 61 -101 by virtue of the exemption contained in section
5.7(a) of MI 61-101, in that the fair market value of the consideration of the securities issued to the
related parties is not expected to exceed 25% of the Company's market capitalization.
Claim Staking
Additionally, the Company has acquired four blocks of mining claims in the Province of Saskatchewan
totalling 54,194 hectares through claim staking (the “Project”). The Project is early stage, located
approximately 850 kilometers north of Saskatoon, and is prospective for uranium mineralization. The
Company is currently compiling publicly available technical information on the Project in preparation
for exploration.
Qualified Person
The technical content of this news release has been reviewed and approved by Galen McNamara, P.
Geo., the interim CEO of the Company and a qualified person as defined by National Instrument 43 -
101.
About Angold Resources Ltd.
Angold is an exploration and development company targeting large-scale mineral systems worldwide.
The Company’s assets include projects in Chile and Canada. The Dorado Project in Chile features a
major porphyry-gold system where drill results include 302 m at 0.71 g/t Au. The Cordillera Project in
Chile is strategically located between two multi-million ounce gold deposits and features multiple gold
exploration targets. The Uchi Project in Canada is prospective for base and precious metal
mineralization.
ON BEHALF OF THE BOARD OF DIRECTORS
“Galen McNamara”
Galen McNamara, Chairman and Interim CEO
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].
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 forward-
looking information within the meaning of applicable securities laws. These statements relate to future
events or future performance and include expectations regarding the use of proceeds from the Offering
and the compilation of technical information on the Project . 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 reli ance on such statements and information may not be
appropriate for other purposes, 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. Accordingly, readers should not place undue reliance on the
forward-looking statements, timelines and information contained in this news release. Forward-
looking information are based on management of the parties’ reasonable assumptions, estimates,
expectations, analyses and opinions, which are based on such management’s experience and
perception of trends, current conditions and expected developments, and other factors that
management believes are relevant and reasonable in the circumstances, but which may prove to be
incorrect.
The Company undertakes no obligation to update forward- looking information except as required by
applicable law. Such forward-looking information represents management’s best judgment based on
information currently available. No forward- looking statement can be guaranteed and actual future
results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-
looking statements or information.