Radisson Mining Resources Inc. (TSX.V: RDS)
The Abitibi based gold exploration and development company announced that due to demand from current shareholders, the Company is upsizing the recently announced non-brokered private placement offering.
As a result, RDS now expect to raise at least CAD$2,400,000.
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This private placement will consist of a combination (to be decided by the Company) of: (i) common class A shares (the “Class A shares”) priced at CAD$0.20 and (ii) charity flow-through shares (the “Québec Charity FT Shares”) priced at CAD$0.362. The Company is reserving the right to increase the offering to issue a total of up to $600,000 in a combination of Class A shares and Québec Charity FT Shares to raise a total of up to CAD$3,000,000.
Use of proceeds
The gross proceeds received by the Company from the sale of common class A shares will be used for exploration expenses, general working capital and administrative purposes. The gross proceeds received from the sale of Québec Charity FT Shares will be used to incur Canadian Exploration Expenses (“CEE”) that are “flow-through mining expenditures” (as such terms are defined in the Income Tax Act (Canada)) on the O’Brien gold project in the Province of Québec, which will be renounced to the subscribers with an effective date no later than December 31, 2020, in the aggregate amount of not less than the total amount of the gross proceeds raised from the issue of FT Shares.
Finders’ fees
In conjunction with the offering, the company expects to pay up to 6% in connection with subscriptions from certain subscribers introduced by finders at arm’s length to the Company.
Closing of the offering
The Offering is scheduled to close on or about June 30, 2020 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including that of the TSX Venture Exchange.
The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons in the absence of U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.
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