Roscan Gold closes $1.5-million note private placement

Executive Summary

• Roscan Gold Corp. completed a non-brokered private placement of secured subordinate promissory notes with an aggregate principal amount of $1.5 million.
• The notes carry a 12% annual interest rate, mature on March 2, 2027, and are convertible into common shares at a price of $0.20 per share.
• Gross proceeds are designated for general corporate and working capital purposes, with a 5% finder's fee paid to AfroBullion Mine Ltd.

Key Details

• Transaction Structure: Non-brokered private placement of secured subordinate promissory notes.
• Principal Amount: $1.5 million.
• Interest Rate: 12% per annum, accruing from the date of issuance.
• Maturity Date: March 2, 2027.
• Conversion Terms: Convertible into common shares at a conversion price of $0.20 per share.
• Interest Payment: Accrued and unpaid interest is paid in cash up to, but excluding, the earlier of the conversion date or maturity date.
• Security: Secured by a general security agreement over all present and after-acquired property of the company, ranking subordinate to all other secured indebtedness.
• Finder's Fee: AfroBullion Mine Ltd. received a fee equal to 5% of the gross proceeds ($75,000).
• Use of Proceeds: General corporate and working capital purposes.
• Hold Period: Securities are subject to a hold period of four months plus one day from the date of issuance.
• Regulatory Compliance: Resale subject to applicable securities legislation rules.

Notable Quotes

• None provided in the text.