Roscan Gold receives $3.67M from warrant exercise
2020-11-17 03:57 PT - News Release
Mr. Nana Sangmuah reports
ROSCAN GOLD RECEIVES ADDITIONAL $3,672,000 FROM WARRANTS EXERCISED
Further to Roscan Gold Corp.'s news release of July 23, 2020, the company has received additional proceeds of $3,672,082 from the exercise of additional warrants.
During 2020, the company has received total proceeds of $9,658,745 from the exercise of warrants. Of the remaining 38.9 million warrants that remain outstanding, 37.5 million of these warrants are currently in the money, which, if exercised, would result in the company receiving an additional $6.7-million at an average approximate price of 18 cents. Of the 37.5 million warrants currently in the money, 13.4 million will expire in March, 2021, for potential proceeds of $3.3-million, while the remainder of the in-the-money warrants or 25.5 million warrants will expire in December, 2021, for potential proceeds of $4.1-million. Of the 35.5 million warrants expiring in December, 2021, over 15 million warrants are held by five of the company's largest and most supportive shareholders who have made an additional commitment to further exercise 9.4 million warrants for additional proceeds of $1.5-million by the end of 2020.
The use of proceeds will be to finance the company's exploration program on its highly prospective project in West Mali and for general working capital purposes.
Nana Sangmuah, president and chief executive officer, stated: "The early exercise of warrants provides sufficient funds to ensure a well-financed exploration drill program for 2020 and 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 and months."
About Roscan Gold Corp.
Roscan Gold is a Canadian gold exploration company focused on the acquisition and exploration 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.
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