Radisson Mining Resources Inc. (TSX-V: RDS)
Announced that it has entered into an agreement with Eight Capital as lead agent and sole bookrunner, on behalf of a syndicate of agents pursuant to which the Corporation has launched a proposed private placement for aggregate gross proceeds for $5,000,000.
This will comprise a combination of flow through shares.
|TSX.v : RDS
|C$62 m @ 25 c
Radisson MIning announces a $5 M Private Placement
Radisson Mining Resources Inc. (TSX-V: RDS, OTC: RMRDF) (“Radisson” or the “Corporation”) is pleased to announce that it has entered into an agreement with Eight Capital as lead agent and sole bookrunner, on behalf of a syndicate of agents (together the “Agents”) pursuant to which the Corporation has launched a proposed private placement (the “Offering”) for aggregate gross proceeds for $5,000,000 in any combination from the sale of Class A shares of the Corporation that qualify as “flow-through shares”: (i) Flow-through Class A shares of the Corporation at price of $0.32 per Federal flow-through Class A shares (the “Federal FT Shares”), Quebec flow-through Class A shares (the “Quebec FT Shares”), at a price of $0.35 per Quebec FT Share, and (iii) Quebec Charity flow-through shares (the “Quebec Charity FT Shares”) at a price of $0.45 per Charity FT share (together the “FT Shares”).
The Corporation has also granted the Agents an option to offer for sale, additional flow-through shares representing up to 15% of the gross proceeds of the Offering, in such proportion as the Agents may determine, exercisable at any time until 48 hours prior to Closing, to cover over-allotments, if any.
The gross proceeds received by the Corporation 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 Québec, which will be renounced to the subscribers with an effective date no later than December 31, 2021, in the aggregate amount of not less than the total amount of the gross proceeds raised from the issue of FT Shares.
For purchasers of FT Shares resident in the Province of Québec, 10% of the amount of CEE will be eligible for inclusion in the deductible “exploration base relating to certain Québec exploration expenses” and 10% of the amount of the expenses will be eligible for inclusion in the deductible “exploration base relating to certain Québec surface mining exploration expenses” (as such terms are defined in the Taxation Act (Québec), respectively) giving rise to an additional 20% deduction for Québec tax purposes.
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.
The Offering is scheduled to close on or about December 9, 2021 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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