Roscan Gold Corporation Closes C$7,500,000 Financing

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TORONTO, May 27, 2020 (GLOBE NEWSWIRE) -- Roscan Gold Corporation (“Roscan” or the “Company”) (TSX-V: ROS; FSE:2OJ) is pleased to announce that it has closed its previously announced marketed private placement financing, for aggregate gross proceeds of C$7,500,000 (the “Offering”) at a price of C$0.32 per common share. Pursuant to the Offering, the Company issued 23,437,500 common shares in the capital of the Company (the “Common Shares”).

The Offering was led by Clarus Securities Inc. and Canaccord Genuity Corp., and included Stifel Nicolaus Canada Inc., Eight Capital, Sprott Capital Partners L.P., Paradigm Capital Inc. Echelon Wealth Partners Inc. and M Partners Inc. (the “Agents”).

As consideration for the services provided by the Agents in connection with the Offering, the Company paid a cash commission of C$450,000, equal to 6% of the gross proceeds and issued a total of 1,406,250 non-transferrable broker warrants (the “Broker Warrants”), representing 6% of the total number of Common Shares issued pursuant to the Offering. Each Broker Warrant entitles the holder thereof to purchase one Common Share at an exercise price of C$0.48 per Common Share for a period of twelve (12) months.

All securities issued under the Offering are subject to a restricted period of four months from the date of issuance. The Offering is subject to the final approval of the TSX Venture Exchange. The Company will use the net proceeds of the Offering for exploration and development of the Company’s mineral property and for general corporate and working capital purposes.

The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of, nor a solicitation for offers to buy, any securities in the United States.  Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the issuer and its management, as well as financial statements.