They add a 6th drill!! Drilling Godspeed
ORIGINAL: Roscan Gold Receives Additional $2 Million from Warrants Exercised and Increases to Six (6) Drills at its Kandiole Project
2021-01-05 06:00 ET - News Release
TORONTO, ON / ACCESSWIRE / January 5, 2021 / Roscan Gold Corporation ("Roscan" or the "Company") (TSXV:ROS)( FSE:2OJ)(OTC PINK:RCGCF) 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 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 $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.