Radisson Mining Resources {TSX.V: RDS}
Due to investor demand in connection with the previously announced $4 million private placement, it has entered into an agreement with a syndicate of agents led by Clarus Securities Inc. and Laurentian Bank Securities Inc., as co-lead agents, pursuant to which the company and the agents have agreed to upsize the proposed private placement for aggregate gross proceeds of up to $5-million.
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Radisson increases private placement to $5-million
2019-12-04 07:03 ET – News Release
Mr. Mario Bouchard reports
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RADISSON ANNOUNCES UPSIZE OF ITS PREVIOUSLY ANNOUNCED MARKETED PRIVATE PLACEMENT TO $5 MILLION
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Due to investor demand in connection with Radisson Mining Resources Inc.’s previously announced private placement, it has entered into an agreement with a syndicate of agents led by Clarus Securities Inc. and Laurentian Bank Securities Inc., as co-lead agents, pursuant to which the company and the agents have agreed to upsize the proposed private placement for aggregate gross proceeds of up to $5-million of securities in a combination of: (i) charity flow-through Class A shares at a price of 29.7 cents per charity flow-through share; and (ii) Quebec flow-through Class A shares at a price of 25.5 cents per Quebec flow-through share.
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The gross proceeds received by the Company from the sale of the 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 Quebec, which will be renounced to the subscribers with an effective date no later than December 31, 2019, in the aggregate amount of not less than the total amount of the gross proceeds raised from the issue of FT Shares.
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For purchasers of FT Shares resident in the Province of Quebec, 10% of the amount of CEE will be eligible for inclusion in the deductible “exploration base relating to certain Quebec exploration expenses” and 10% of the amount of the expenses will be eligible for inclusion in the deductible “exploration base relating to certain Quebec surface mining exploration expenses” (as such terms are defined in the Taxation Act (Quebec), respectively) giving rise to an additional 20% deduction for Quebec tax purposes.
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The Offering is scheduled to close on or about December 17, 2019 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.
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About Radisson Mining Resources Inc.
Radisson is a gold exploration company focused on its 100% owned O’Brien project, located in the Bousquet-Cadillac mining camp along the world-renowned Larder-Lake-Cadillac Break in Abitibi, Quebec.
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The Bousquet-Cadillac mining camp has produced over 21,000,000 ounces of gold over the last 100 years. 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; 3D Geo-solution, July 2019).
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We seek Safe Harbour.