Roscan Gold Corporation (OTCMKTS:RCGCF) Stock In Focus After Private Placement
Canadian gold exploration company focusing on exploration and acquiring gold properties in West Africa, Roscan Gold Corporation (OTCMKTS:RCGCF), on May 1, 2023, announced closing the first tranche of the non-brokered private placement. In the placement, the company issued an aggregate of 7,113,700 common shares at a price of C$0.20 per Common Share for aggregate gross proceeds of C$1,422,740.
Trading Data
On Monday, RCGCF stock lost 0.38% to $0.1300 with 84K shares, compared to volume of 49.25K shares. The stock moved within a range of $0.1287 – 0.1309 after opening trade at $0.1287.
Roscan Gold Announces Closing of First Tranche of Non-Brokered Private Placement
Independent Director, Mr. Michael Gentile, and President & CEO, Mr. Nana Sangmuahhave subscribed to the Offering for about 1,650,000 of Common Shares. The Offering comprised a related party transaction within TSX Venture Exchange Policy 5.9 as well as Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions.
The firm is dependent on exemptions from minority shareholder approval and valuation needs as it is not listed on a specified market. Furthermore, thefair market value of the participation should not exceed 25% of the market capitalization. Roscan Gold Corporation did not file a material change report related with respect to related party transactions at least 3 weeks before the closing of the Offering.
The Board of Directors permitted granting of a total of 4,515,113 incentive stock options to officers, directors, officers, and consultants for the firm. Options are exercisable at $0.20 per Common Share, with a term of five years. Additionally, the Board of Directors also approved 3,225,000 restricted share units forofficers and directors.
