Business
Roscan Closes Private Placement for Gross Proceeds of $3.8 Million
Toronto, Ontario--(Newsfile Corp. - March 21, 2019) - Roscan Gold Corporation (TSXV: ROS) (" R...
About this update from Roscan Gold Corporation
[{"type":"text","content":"Roscan Closes Private Placement for Gross Proceeds of $3.8 MillionToronto, Ontario--(Newsfile Corp. - March 21, 2019) - Roscan Gold Corporation (TSXV: ROS) (\"Roscan\" or the \"Company\") is pleased to announce that it has completed its previously announced private placement brokered by Clarus Securities Inc. (the \"Agent\") by issuing 23,371,428 units (\"Units\") at a price of $0.14 per Unit for aggregate gross proceeds of $3,272,000 (the \"Brokered Offering\"). The Company issued a further 3,771,429 Units for aggregate gross proceeds $528,000 through non-brokered efforts (the \"Non-Brokered Offering\"). Together, the Brokered Offering and Non-Brokered Offering had aggregate gross proceeds of $3,800,000 through the issuance of 27,142,857 Units (together, the \"Offering\"). Each Unit is comprised of one common share (\"Common Share\") and one Common Share purchase warrant (\"Warrant\"). Each Warrant entitles the holder thereof to purchase one additional Common Share at an exercise price of $0.22 for 24 months from the closing of the Offering. The Common Shares and Warrants issued pursuant to the Offering will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation. The Company intends to use the net proceeds from the Offering for exploration and development of the Company's mineral properties, investor relations activities and for general corporate and working capital purposes.As consideration for the services provided by the Agent in connection with the Brokered Offering, the Agent was paid a fee of 6% of the gross proceeds of the Brokered Offering paid through the issuance of 1,402,286 compensation Units (the \"Compensation Units\") and was issued 1,869,714 of non-transferable broker warrants (the \"Broker Warrants\"), representing 8% of the total number of Units sold pursuant to the Brokered Offering. Each Compensation Unit is comprised of one Common Share and one Warrant. Each Warrant entitles the holder thereof to purchase one additional Common Share at an exercise price of $0.22 for 24 months from the closing of the Offering. Each Broker Warrant entitles the holder thereof to purchase one broker Unit (the \"Broker Warrant Unit\") at an exercise price of $0.14 for 24 months from the closing of the Offering. Each Broker Warrant Unit is comprise...