Radisson Mining Resources {TSX.V: RDS}
Announced the $ 657,404.76 first closing of a non-brokered private placement totalling up to $ 1,800,000 with the participation of current shareholders and members of the board of directors.
The company raised gross proceeds of $ 657,404.56 through the issuance of 326,190 Class A units at a price of $0.13 and 416,667 flow-through class A shares at a price of $0.18.
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Radisson announces $657,404 first closing of up to $1.8m private placement.
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Rouyn-Noranda, Quebec – Radisson Mining Resources Inc. is pleased to announce $ 657,404.76 first closing of a non-brokered private placement totalling up to $ 1,800,000 with the strong participation from current shareholders of the company and members of the board of directors.
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The company raised gross proceeds of $ 657,404.56 through the issuance of 326,190 Class A units (the “Unit”) at a price of $0.13 and 416,667 flow-through class A shares (the “FT shares”) at a price of $0.18.
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Each Unit consists of one Class A share of the share capital of Radisson and one-half of share purchase warrant (“Warrant”) with each full Warrant entitling its holder thereof to purchase one Class A share at a price of $0.17 for a period of 18 months following the closing date of the private placement. In accordance with Canadian securities laws, the securities issued under this private placement are subject to a four-month and one day hold period expiring on December 25, 2018.
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Two insiders of the corporation made contribution to the private placement for a total amount of $ 55,000.08 resulting into 305,556 FT shares.
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Final closing of this private placement is expected to occur on or before September 14th, 2018. The closing of this private placement is subject to final acceptance by the TSX Venture Exchange.
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As a result of this first closing, there are currently 128,441,750 class A shares of Radisson issued and outstanding.
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The Company intends to use the gross proceeds of the Offering from FT Units for “Canadian Exploration Expenses” (within the meaning of the Income Tax Act (Canada)) related to the Company’s O’Brien gold project located along the Larder-Lake-Cadillac Fault in Quebec.
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The Company will agree to renounce such Canadian Exploration Expenses with an effective date of no later than December 31, 2018.
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About Radisson Mining Resources Inc.
Radisson is a Quebec-based mineral exploration company. The O’Brien project, cut by the regional Cadillac Break, is Radisson’s flagship asset. The project hosts the former O’Brien Mine, considered to have been the Abitibi Greenstone Belt’s highest-grade gold producer during its production (1,197,147 metric tons at 15.25 g/t Au for 587,121 ounces of gold from 1926 to 1957; InnovExplo, May 2018).
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For more information on Radisson, visit our website at www.radissonmining.com .
or contact:
Hubert Parent-Bouchard
Corporate Development