TORONTO, ONTARIO--(Marketwire - Feb. 26, 2013) - Roscan Minerals Corporation (the "Company") (TSX VENTURE:ROS.H) announces that it has closed its previously announced non-brokered private placement (the "Offering") of 1,800,000 units at a price of $0.05 per unit for aggregate subscription proceeds of CDN$90,000. Each unit is comprised of one common share and one common share purchase warrant. Each warrant will entitle the holder to acquire one common share at a price of $0.10 for a period of 12 months from the date of issuance. The securities issued pursuant to the Offering are subject to a four-month hold period. The financing remains subject to final acceptance by the TSX Venture Exchange (the "TSXV").
Insiders of the Company subscribed for 931,000 units in the Offering on the same terms as other participants and the shareholdings of these individuals will increase as a result of their participation. Since insiders purchased more than 25% of the Offering, the Company has conditionally closed these subscriptions, subject to final approval of the TSXV. Proceeds from the Offering will be used for general working capital purposes.
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: 33,766,075