June 9, 2011

Online casino plan prompts mine move

[PHNOM PENH POST]

ANGKOR Wat Minerals Ltd has been spun off partly to allow its former owners to focus on operating online casinos, according to a press release.

The firm had been 100 per cent acquired by an English company, Goldmine Resources Plc, which planned to list on London’s AIM market via an initial public offering by the end of this year, it said.

Angkor Wat Minerals’ previous owner, Elray Resources Inc, will receive 74 million ordinary shares in Goldmine Resources, which will be distributed to its shareholders in a special stock dividend later this month.

The deal allowed OTC-listed Elray  to “focus its efforts on its new business of legal online casino operations while at the same time giving existing shareholders a special stock dividend”, Elray chief executive officer Brian Goodman said in the release.

“[This] creates the opportunity for shareholders to be able to participate via their dividend shares as shareholders in Goldmine Resources Plc, which will continue its gold exploration activities in Cambodia,” Goodman said.

Angkor Wat Minerals owns a concession in Oddar Mean-cheay province, according to the General Department of Mineral Resources’ website.

Company officials did not return The Post’s request for comment yesterday.

Elray traded at one cent in over-the-counter trading yesterday, from a 52-week high of 14 cents.

Meanwhile, gold for August delivery declined US$10.10, or 0.7 per cent, to $1,533.90 an ounce on the Comex in New York yesterday.

The record price is $1,577.40,  set on May 2.

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