Roscan Gold Announces Closing of Convertible Note Financing

Executive Summary

• Roscan Gold Corporation completed a CAD $1.5 million non‑brokered private placement of secured subordinate promissory notes.
• The notes bear 12% annual interest, mature on March 2 2027, and are convertible at CAD $0.20 per common share.
• Gross proceeds will be used for general corporate and working capital purposes; a 5% finder’s fee was paid to AfroBullion Mine Limited.

Key Details

• Offering Size: Aggregate principal amount of CAD $1,500,000 in secured subordinate promissory notes.
• Interest Rate: 12% per annum, payable in cash up to the earlier of conversion or maturity.
• Maturity Date: March 2 2027.
• Conversion Terms: Convertible, in whole or in part, into common shares at a conversion price of CAD $0.20 per share.
• Security: Notes are secured by a general security agreement over all present and after‑acquired property, subordinate to existing secured indebtedness.
• Use of Proceeds: General corporate and working capital purposes.
• Finder’s Fee: AfroBullion Mine Limited received a fee equal to 5% of gross proceeds (CAD $75,000).
• Hold Period: Securities subject to a hold period of four months plus one day from issuance; resale governed by applicable securities legislation.

Notable Quotes

(No direct quotes were included in the release.)