Roscan Gold Receives Additional $2 Million from Warrants Exercised and Increases to Six (6) Drills at its Kandiole Project
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) (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 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:
Greg Isenor, P.Geo
Executive Vice-Chairman
Tel: (902) 832-5555
Email:
Forward Looking Statements
This news release contains forward-looking information which 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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/71271