TORONTO, ONTARIO--(Marketwire - Oct. 18, 2012) - Roscan Minerals Corporation (the "Company") (NEX BOARD:ROS) wishes to announce that it intends to complete a non-brokered private placement of up to 5,000,000 Units at a price of $0.03 per Unit for aggregate subscription proceeds of up to CDN$150,000. Each Unit will be 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 $0.05 for a period of 12 months from the date of issuance. The financing is subject to regulatory approval including approval from the TSX Venture Exchange.
Certain of the non-arm's length subscribers will participate in the private placement on the same terms of other participants and the shareholdings of these individuals will increase as a result of their participation. Proceeds from the financing will be used to satisfy existing accounts payable and 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: 28,299,575
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