TORONTO, ONTARIO--(Marketwire - Dec. 31, 2012) -
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Roscan Minerals Corporation (the "Company") (NEX:ROS.H) announces that it closed its previously announced non-brokered private placement (the "Offering") of 3,666,500 units at a price of $0.03 per unit for aggregate subscription proceeds of CDN$109,995. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to acquire one additional common share at a price of $0.05 for a period of 12 months from the date of issuance. The Offering is being made pursuant to the Bulletin of the TSX Venture Exchange ("TSXV") dated December 12, 2012 which provides for temporary relief from certain pricing requirements. The securities issued pursuant to the Offering are subject to a four-month hold period.
Proceeds from the Offering will be used primarily to maintain the existing operations of the Company. Approximately $25,184 is allocated for accounts payable, $22,700 for accrued liabilities and $31,771 for operating expenses. In addition, $10,000 is payable to Don Whalen, a Director of the Company, in repayment of a loan and $20,340 is payable to Rustle Woods Capital Inc., a company controlled by an associate of Mark McMurdie, Chief Financial Officer of the Company, for financial services rendered to the Company. The private placement was approved by the Company's board of directors.
An insider of the Company acquired 133,000 units in the Offering representing 3.6% of the total Offering.
This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company's control that may cause actual results or performance to differ materially from those currently anticipated in such statements. Such forward-looking statements include comments regarding the private placement and use of funds.
Shares Outstanding: 31,966,075
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