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Roscan Enters Into Royalty Sale Agreement With Osisko Gold Royalties for Proceeds of Up to $10 Million
TORONTO, ON / ACCESSWIRE / December 2, 2022 / Roscan Gold Corporation ("Roscan" or the "Company")...
About this update from Roscan Gold Corporation
[{"type":"text","content":"Roscan Enters Into Royalty Sale Agreement With Osisko Gold Royalties for Proceeds of Up to $10 MillionTORONTO, ON / ACCESSWIRE / December 2, 2022 / Roscan Gold Corporation (\"Roscan\" or the \"Company\") (TSX-V:ROS)(FSE:2OJ)(OTCQB:RCGCF) is pleased to announce that it has entered into a royalty financing agreement (the \"Agreement\") with Osisko Gold Royalties Ltd (\"Osisko\") involving a royalty financing related to the Company's entire 401.8 Km2 Kandiolé Project in Mali, West Africa (the \"Property\").Osisko has initially acquired a 1.0% net smelter return (\"NSR\") royalty for upfront consideration of $5.0 million (the \"Royalty\"). Pursuant to the Agreement, Osisko will retain the option to purchase a second 1.0% NSR (for a total NSR royalty percentage of 2.0%) on the Property at any time for an additional $5.0 million (the \"Additional Royalty\"). Furthermore, the Company will have the right to compel Osisko to acquire the Additional Royalty in the event Roscan receives a long-term exploitation license on the Property from the Malian government.Osisko has also been granted a right of first refusal (the \"ROFR\") on future royalties and streams related to the Property including in relation to the Company's outstanding buyback rights, should the Company decide to sell those rights, and royalties on any future properties acquired or claimed by the Company that are contiguous or complementary to the Property.Nana Sangmuah, President and Chief Executive Officer of Roscan, commented: \"We are very happy to welcome Osisko Gold Royalties, a leading royalty and streaming provider, as a strategic partner while we continue to unlock significant value on the very prospective Kandiolé project which is strategically located between two of the largest producing gold mines in Africa. This financial endorsement will help the Company accelerate our objectives of further resource growth and advancing project development.\"AdvisorsINFOR Financial Inc. acted as financial advisor and Irwin Lowy, LLP acted as legal advisor to Roscan.About RoscanRoscan Gold Corporation is a Canadian gold exploration company focused on the exploration and acquisition of gold properties in West Africa. The Company has assembled a significant land position of 100%-owned permits in an area of producing gold mines (including B2 Gold's Fekola Mine which lies i...