Roscan Gold Corporation (TSXV: ROS | FSE:2OJ | OTCQB: RCGCF) has announced, due to investor demand, the company has increased its non-brokered private placement to up to C$2.3M.
The promissory notes shall bear interest at 12% per annum from the date of issuance and shall mature on the date the is six months from the date of issuance. The notes will be convertible, in whole or in part, into common shares in the capital of the company at a conversion price equal to C$0.11 per common share. The Note holders shall receive accrued and unpaid interest on the note, paid in cash, up to, but excluding, the earlier of the date of conversion and the maturity date.
The notes issued pursuant to the offering shall be secured by way of a general security agreement providing security over all the present and after-acquired property of the company ranking subordinate to all other secured indebtedness of the company.
Closing of the offering are subject to customary closing conditions, including the consent of the secured creditor of the company with respect to the grant of security, and approvals of applicable securities regulatory authorities, including the TSX Venture Exchange. It is expected that insiders of the company will participate in the Offering for C$400,000 principal amount of convertible notes.
In addition, the company would like to announce that, further to its press release of 21 February 2024, its previously announced debt settlement of an aggregate of US$1,005,000 debt owed to an arm’s length creditor through the issuance of a secured convertible promissory note, will not be proceeding with this transaction.
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