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FAQ: Angkor Resources AGM Results, New Director Appointment, and Strategic Asset Sale
TL;DR
Angkor Resources gains strategic advantage by selling oil assets to eliminate $3.8M debt and redirect $1M toward Cambodian mineral and energy projects for growth.
Angkor Resources shareholders approved all AGM resolutions including appointing Dr. David Johnson to the board, setting six directors, and selling 40% of Evesham Macklin assets for $4.8M.
Angkor Resources' strategic shift toward Cambodian energy development supports national resource independence while maintaining responsible governance through shareholder-approved decisions.
Geoscientist Dr. David Johnson brings 40 years of global exploration experience to Angkor's board following a shareholder vote with 47.78% participation.
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All resolutions presented were approved, including the reappointment of auditors, setting the number of directors at six, approving a rolling stock option plan, and approving the sale of the company's 40% interest in the Evesham Macklin oil and gas lands. Shareholders also elected six directors, including new appointee Dr. David Johnson.
Dr. David Johnson is a geoscientist with over 40 years of global exploration and production experience in petroleum, natural gas, and helium. He has worked for major companies like Shell, ExxonMobil, and Husky Energy, has experience in over 40 petroleum jurisdictions worldwide, and has led acquisitions of more than 20 Production Sharing Agreements and exploration licenses.
The sale was a strategic decision to remove a $3.8 million debt from the company's books and provide $1 million in net proceeds. The company intends to redirect these resources toward its Cambodian onshore Block VIII Project to pursue potential growth opportunities.
The assets were sold to an arm's length party at a fair market value sale price of $4.8 million. This transaction resulted in the removal of $3.8 million in debt and provided the company with $1 million in net proceeds.
Approximately 47.78% of the company's outstanding common shares were voted at the meeting. All resolutions were approved, with over 99% of voters in favor of the Evesham Macklin asset sale transaction.
The six directors are Russ Tynan, Mike Weeks, Terry Mereniuk, Ken Booth, Grant T. Smith, and the newly appointed Dr. David Johnson. Long-time directors Steve Cochrane and Scott Smith retired effective the meeting date.
The Annual General Meeting was held on Thursday, January 29, 2026. Dr. David Johnson's appointment to the Board of Directors became effective following this meeting.
Detailed explanations of all resolutions are available in the Management Information Circular published for the meeting, which can be found on the Company's website at https://angkorresources.com/.
This strategic shift allows Angkor Resources to focus its capital and efforts on the Cambodian onshore Block VIII Project, which the company views as having greater potential for growth compared to the divested oil and gas assets.
Curated from NewMediaWire
