Angold Resources Closes Private Placement
Angold Resources Closes Private Placement
Vancouver, British Columbia – November 7 th, 2023 – Angold Resources Ltd. (“Angold” or the
“Company”) (TSXV: AAU) (OTCQB: AAUGF) (Frankfurt: 13L) announces the closing of its non-brokered
private placement financing raising gross proceeds of $844,000 through the issuance of 16,880,000
shares at a price of $0.05 (the “Offering”). All securities issued under the Offering are subject to a
statutory hold period until March 8, 2024, in accordance with applicable securities laws . No finders’
fees were paid in connection with 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.
The Company also announces that it has settled 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
officer’s and service providers of the Company in consideration for services previously rendered to the
Company. The Company has settled the Indebtedness through the issuance of 3,020,000 common
shares at a deemed price of $0.05 per share.
The settlement of $91,000 of the Indebtedness constitutes a "related party transaction" within the
meaning of Multilateral Instrument 61 -101 - Protection of Minority Security Holders in Special
Transactions (“MI 61-101”). The issuance to related parties is 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 for the securities issued
to the related parties does not exceed 25% of the Company's market capitalization.
All securities issued in settlement of the Indebtedness are subject to a statutory hold period until
March 8, 2024, in accordance with applicable securities laws.
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. 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 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 mater ially
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 c an be guaranteed and actual future
results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-
looking statements or information.