Business
Roscan Amends Ghana Gold Project Option Agreement with Pelangio and Private Placement
Toronto, Ontario--(Newsfile Corp. - February 22, 2017) - Further to Roscan Minerals Corporatio...
About this update from Roscan Gold Corporation
[{"type":"text","content":"Roscan Amends Ghana Gold Project Option Agreement with Pelangio and Private PlacementToronto, Ontario--(Newsfile Corp. - February 22, 2017) - Further to Roscan Minerals Corporation's (TSXV: ROS.H) (\"Roscan\" or the \"Company\") announcement of November 8, 2016, the Company is pleased to announce that certain payments due pursuant to the option and joint venture agreement (the \"Option\"), dated November 7, 2016, with Pelangio Exploration Inc. have been extended and are now as follows: (a)   fund an aggregate of $2,000,000 in exploration expenditures, as follows: AmountDue Date $150,000By March 5, 2017; $150,000By May 4, 2017; $700,000By December 5, 2017; and, $1,000,000By December 5, 2018.    (b)   pay to Pelangio an aggregate of $160,000, as follows:  AmountDue Date $10,000On November 7, 2016 (paid) $50,000On December 5, 2017; and, $100,000On December 5, 2018   In addition, the previously announced private placement has been changed to a non-brokered private placement of up to 5,000,000 units (each, a \"Unit\") of the Company, at a price of $0.05 per Unit for gross proceeds of up to $250,000. Each Unit will consist of one common share (the \"Common Share\") and one Common Share purchase warrant (the \"Warrant\") entitling the holder thereof to purchase one additional Common Share at an exercise price of $0.08 for twelve (12) months from the date of issuance. The Company reserves the right to accelerate the expiration of the Warrants, if at any time, which is more than four months and one day following the closing date of the private placement, the closing price of the Company's Common Shares is $0.15 or more for at least twenty (20) consecutive trading days. The Common Shares and Warrants comprising the Units will be subject to resale restriction for four months plus one day from the date of issuance. The Company may pay finder's fees with respect to proceeds raised.The Company intends to use the net proceeds from the Offering to fund its initial exploration payment under the Option, for working capital purposes and otherwise in a manner consistent with the accomplishment of the Company's business objectives. For further information, please contact:Mark McMurdie, Chief Financial OfficerRoscan Minerals CorporationTel:  ...