Michael Gentile Announces Filing of Early Warning Report Related to Acquisition of a Promissory Note of Roscan Gold Corporation

Rhea-AI Summary

Michael Gentile has filed an early warning report announcing the acquisition of a CAD$300,000 principal amount secured subordinate promissory note from Roscan Gold Prior to this acquisition, Gentile owned 33,337,500 common shares, 700,000 stock options, 1,575,000 restricted share units, and a CAD$250,000 promissory note, representing approximately 8.37% of the company's issued and outstanding common shares on an undiluted basis and 9.45% on a partially diluted basis.

Following the acquisition, Gentile's holdings remain at 33,337,500 common shares, 700,000 stock options, and 1,575,000 restricted share units, but now include a CAD$550,000 principal amount secured subordinate promissory note. This represents approximately 8.37% of the company's shares on an undiluted basis and 10.02% on a partially diluted basis. Gentile states he has a long-term view of the investment and may acquire or sell additional securities in the future.

Positive

• Increased investment in Roscan Gold through acquisition of additional promissory note
• Gentile's ownership percentage on a partially diluted basis increased from 9.45% to 10.02%

Negative

• Potential increase in company debt with the issuance of additional promissory note

Toronto, Ontario--(Newsfile Corp. - October 4, 2024) - Michael Gentile announces that he has filed an early warning report (the "Report") announcing the acquisition (the "Acquisition") of a CAD$300,000 principal amount secured subordinate promissory note (the "Note") granted by Roscan Gold Corporation (the "Company") in favour of Mr. Gentile. Prior to the completion of the Acquisition, Mr. Gentile beneficially owned and controlled, directly or indirectly, 33,337,500 common shares (the "Common Shares") in the capital of the Company, 700,000 stock options, 1,575,000 restricted share units and a CAD$250,000 principal amount secured subordinate promissory note, representing approximately 8.37% of the Company's issued and outstanding Common Shares on an undiluted basis and approximately 9.45% of the Company's issued and outstanding Common Shares on a partially diluted basis. Following the completion of the Acquisition, Mr. Gentile beneficially owns and controls, directly or indirectly, an aggregate of 33,337,500 Common Shares, 700,000 stock options, 1,575,000 restricted share units and a CAD$550,000 principal amount secured subordinate promissory note, representing approximately 8.37% of the Company's issued and outstanding Common Shares on an undiluted basis and approximately 10.02% of the Company's issued and outstanding on a partially diluted basis.

The Common Shares were acquired for investment purposes. Mr. Gentile has a long-term view of the investment and may acquire additional securities of the Company either on the open market or through private acquisitions or sell the Common Shares on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

For further details relating to the Acquisition, please see the Report, a copy of which is available on SEDAR+, or by contacting Michael Gentile at (514) 591-4227.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/225681

FAQ

What was the value of the promissory note acquired by Michael Gentile from Roscan Gold (RCGCF)?

Michael Gentile acquired a CAD$300,000 principal amount secured subordinate promissory note from Roscan Gold

How did Michael Gentile's ownership percentage in Roscan Gold (RCGCF) change after the acquisition?

After the acquisition, Michael Gentile's ownership percentage in Roscan Gold remained at 8.37% on an undiluted basis, but increased from 9.45% to 10.02% on a partially diluted basis.

What is the total value of promissory notes held by Michael Gentile in Roscan Gold (RCGCF) after the acquisition?

After the acquisition, Michael Gentile holds a total of CAD$550,000 in principal amount secured subordinate promissory notes from Roscan Gold

What are Michael Gentile's future intentions regarding his investment in Roscan Gold (RCGCF)?

Michael Gentile states he has a long-term view of the investment and may acquire additional securities or sell existing ones in the future, depending on market conditions and other relevant factors.