Roscan Gold receives $1.99M from warrant exercise

Jan 5, 2021

2021-01-05 07:14 ET – News Release


Dr. Andrew Ramcharan reports


Further to its news release of Nov. 17, 2020, Roscan Gold Corp. has received additional proceeds of $1,990,640 from the exercise of warrants. The company has increased its drill fleet to six with an additional diamond drill (1,400-metre depth potential) in January, 2021, to adequately test all targets and their respective depth potential and dimension.

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 19 cents in 2021.

Of the 26.9 million warrants outstanding, 11 million warrants are held by four of the company’s largest and most supportive shareholders for proceeds of $1.8-million.

The use of proceeds will be to finance 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 new discoveries, and the company’s flagship Southern Mankouke discovery, at its Kandiole project, the addition of a sixth drill will accelerate its ability in understanding the depth and dimensions of the mineralization on multiple targets.

Nana Sangmuah, president and chief executive officer, 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 1,400 m 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 Roscan Gold Corp.

Roscan Gold 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-per-cent-owned permits in an area of producing gold mines (including B2 Gold’s Fekola mine which lies in a contiguous property to the west of Kandiole), and major gold deposits, located both north and south of its Kandiole project in west Mali.

We seek Safe Harbor.

Related Posts


Share This