TORONTO, ON / ACCESSWIRE / March 24, 2017 / Roscan Minerals Corporation (ROS-H.V) ("Roscan" or the "Company") announces that the Company is increasing the size of its previously announced non-brokered private placement in the amount of $250,00, for aggregate gross proceeds of $500,000 (the "Offering"). The Offering will now be up to 10,000,000 units ("Units") at a price of $0.05 per Unit.
Each Unit will consist of one common share ("Common Share") and one Common Share purchase warrant ("Warrant"). Each Warrant will entitle the holder thereof to purchase one additional Common Share at an exercise price of $0.08 for twelve (12) months from the date of issuance. The Company reserves the right to accelerate the expiration of the Warrants, if at any time, which is more than four months and one day following the closing date of the Offering, the closing price of the Company's Common Shares is $0.15 or more for at least twenty (20) consecutive trading days. The Company may pay finder's fees with respect to proceeds raised.
The Company also announces that it intends to settle an aggregate of $243,000 of indebtedness owed to certain arm's length and non-arm's length creditors through the issuance of an aggregate of 4,860,000 Common Shares of the Company at a price of $0.05 per Common Share (the "Debt Settlement").
Closing of the Offering and Debt Settlement is subject to receipt of all necessary corporate and regulatory approvals, including the approval of the NEX. All securities issued in connection with the Offering will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation.
The Company intends to use the net proceeds from the Offering to fund its initial exploration payment under an option and joint venture agreement with Pelangio Exploration Inc., for working capital purposes and otherwise in a manner consistent with the accomplishment of the Company's business objectives.
For further information, please contact:
Chief Financial Officer
Tel: (416) 293-8437
Neither 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.
This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate," "estimate," "may," "will," "would," "potential," "proposed," and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.
SOURCE: Roscan Minerals Corporation