Angkor Resources Corp. shareholders have approved all resolutions at the company's Annual General Meeting, including the strategic sale of Canadian oil and gas assets and the appointment of a new director with extensive global energy experience. The decisions signal a significant shift in the company's focus toward its Cambodian operations while strengthening its leadership team with specialized expertise.
Shareholders voted overwhelmingly in favor of selling the company's 40% participating interest in the Evesham Macklin oil and gas lands in Saskatchewan to an arm's length party for $4.8 million. This transaction removes $3.8 million in debt from the company's books and provides $1 million in net proceeds. The sale required shareholder approval as a fundamental transaction, with over 99% of voters supporting the move. The original announcement of this strategic decision can be reviewed at https://angkorresources.com.
The company stated this asset sale represents a strategic reallocation of resources toward its Cambodian onshore Block VIII Project, where it seeks potential growth opportunities. Angkor Resources' energy subsidiary, EnerCam Resources, holds an onshore oil and gas license covering approximately 4,095 square kilometers in southwestern Cambodia. The company completed seismic work in 2025 and plans to identify drill targets for what could become Cambodia's first onshore oil and gas exploratory wells.
Shareholders also approved the appointment of Dr. David Johnson to the company's board of directors, expanding the board to six members. Dr. Johnson brings more than 40 years of global exploration and production experience across petroleum, natural gas, and helium sectors. His career includes positions with major energy companies including Shell, ExxonMobil, Husky Energy, Kuwait Oil Company, and KUFPEC, with experience spanning over 40 petroleum jurisdictions worldwide. He holds a geology degree from the University of Calgary and a PhD in Geological Oceanography from Dalhousie University.
The meeting results included the reappointment of Davidson & Company LLP as auditors and approval of the company's rolling stock option plan. A total of 96,855,431 common shares, representing approximately 47.78% of outstanding shares, were voted at the meeting. The company also acknowledged the retirement of long-time directors Steve Cochrane and Scott Smith, thanking them for their contributions while noting their continued support for Angkor's success.
This shareholder approval represents a critical juncture for Angkor Resources as it transitions from Canadian oil and gas assets to focus on Cambodian energy and mineral opportunities. The debt reduction provides financial flexibility while the addition of Dr. Johnson's expertise strengthens the company's technical capabilities during this strategic shift. These developments could significantly impact the company's ability to advance its Cambodian projects and potentially establish Cambodia as an oil and gas producing nation.
