Roscan Gold Receives Additional $3,672,000 From Warrants Exercised

Rhea-AI Summary

Roscan Gold Corporation has secured $3,672,082 from warrant exercises, totaling $9,658,745 in 2020. Of 38.9 million outstanding warrants, 37.5 million are in-the-money, potentially bringing $6.7 million more if exercised. Key expirations include 13.4 million warrants in March 2021 and 25.5 million in December 2021. Notably, five major shareholders will exercise 9.4 million warrants by year-end for $1,500,000. The funds will support exploration in West Mali and general working capital.

Positive

• Secured $3.67 million from warrant exercises.
• Total warrant proceeds for 2020 reached $9.66 million.
• 37.5 million warrants in-the-money offer potential additional funds of $6.7 million.
• Major shareholders committed to exercising 9.4 million warrants for $1.5 million.

Negative

• None.

TORONTO, ON / ACCESSWIRE / November 17, 2020 / Roscan Gold Corporation ("Roscan" or the "Company") (TSX-V: ROS; FSE:2OJ; OTC:RCGCF) is pleased to announce that, further to the Company'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 $0.18. Of the 37.5 million warrants currently in the money, 13.4 million will expire in March 2021 for potential proceeds of $3.3MM, while the remainder of the in money warrants or 25.5 million warrants will expire in December 2021 for potential proceeds of $4.1MM. Of the 35.5 million warrants expiring in December 2021, over 15 million warrants are held by five of our largest and most supportive shareholders who have made an additional commitment to further exercise 9.4 million warrants for additional proceeds of $1,500,000 by the end of 2020.

The use of proceeds will be to fund the Company's exploration program on its highly prospective project in West Mali and for general working capital purposes.

Nana Sangmuah, President and CEO, 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

Roscan 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 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.

For further information, please contact:

Dr. Andrew J. Ramcharan, P.Eng
Executive Vice President- Corporate Development and Investor Relations
Tel: (416) 572-2295
Email: aramcharan@Roscan.ca

Greg Isenor, P.Geo
Executive Vice- Chairman
Tel: (902) 832-5555
Email: gpisenor@Roscan.ca

Forward Looking Statements
This news release contains forward-looking information that is not comprised of historical facts. Forward-looking information is characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking information involves risks, uncertainties, and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company's management's discussion and analysis as filed under the Company's profile at www.sedar.com. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Roscan Gold Corporation

View source version on accesswire.com:
https://www.accesswire.com/617030/Roscan-Gold-Receives-Additional-3672000-From-Warrants-Exercised

FAQ

What are the recent financial highlights for Roscan Gold Corporation (RCGCF)?

Roscan Gold secured $3,672,082 from warrant exercises in November 2020, totaling $9,658,745 in 2020.

How many warrants are currently in-the-money for Roscan Gold Corporation (RCGCF)?

Of the 38.9 million outstanding warrants, 37.5 million are currently in-the-money.

What is the potential additional funding from exercised warrants for RCGCF?

If all in-the-money warrants are exercised, Roscan Gold could receive an additional $6.7 million.

When are the key warrant expirations for Roscan Gold Corporation (RCGCF)?

Key expirations include 13.4 million warrants in March 2021 and 25.5 million in December 2021.

What will the proceeds from the warrant exercises be used for in RCGCF?

The proceeds will fund the exploration program in West Mali and general working capital.