Business
Roscan Gold Receives Additional $2 Million from Warrants Exercised and Increases to Six (6) Drills at its Kandiole Project
Toronto, Ontario--(Newsfile Corp. - January 5, 2021) - Roscan Gold Corporation (TSXV: ROS) ...
About this update from Roscan Gold Corporation
[{"type":"text","content":"Roscan Gold Receives Additional $2 Million from Warrants Exercised and Increases to Six (6) Drills at its Kandiole ProjectToronto, Ontario--(Newsfile Corp. - January 5, 2021) - Roscan Gold Corporation (TSXV: ROS) (FSE: 2OJ) (OTC: RCGCF) (\"Roscan\" or the \"Company\") is pleased to announce that, further to the Company's news release of November 17, 2020, the Company has received additional proceeds of $1,990,640 from the exercise of warrants. The Company has increased its drill fleet to six (6) with an additional Diamond Drill (1,400m depth potential) in January 2021 to adequately test all targets and their respective depth potential and dimensions. During 2020, the Company has received total proceeds of $11,649,385 from the exercise of 72.3 million warrants and 26.9 million warrants remain outstanding. Of the outstanding warrants, 25.5 million are currently in-the-money, which, if exercised, would result in the Company receiving an additional $4.7 million, at an average exercise price of $0.19 in 2021. Of the 26.9 million warrants outstanding, 11 million warrants are held by four of our largest and most supportive shareholders for proceeds of $1.8 million. The use of proceeds will be to fund the Company's exploration program on its highly prospective project in West Mali and for general corporate and working capital purposes. With the recent three (3) new discoveries, and our flagship Southern Mankouke Discovery, at our Kandiole Project, the addition of a sixth drill will accelerate our ability in understanding the depth and dimensions of the mineralization on multiple targets.Nana Sangmuah, President and CEO, stated, \"We are very excited to start 2021 on a positive note as a follow up to our 2020 success. The early exercise of warrants provides sufficient funds to ensure a well-financed exploration drill program for 2021 which should generate ample news flow. We look forward to providing additional updates and reporting results from our exploration activities in the coming weeks. The addition of the diamond drill with potential to drill to 1,400m vertical depth will aid us to actively understand the depth potential in fresh rock of our targets and our flagship project. This is a key milestone for us to embark on confirming depth potential in the mineralization.\"About RoscanRoscan Gold Corporation is a Canadian gold explorat...