Radisson Announces Closing of a $ 1,000,000 Private Placement
ROUYN-NORANDA, QUEBEC--(Marketwired - Jul 25, 2017) - Radisson Mining Resources Inc. (TSX VENTURE:RDS) ("Radisson") is pleased to announce the closing of a private placement totalling $1,000,000.
The company raised gross proceeds of $1,000,000 through the issuance of 5,000,000 flow-through units (the "Unit") at a price of $0.20. Each Unit consists of one flow-through class A share of the share capital of Radisson and one share purchase warrant ("Warrant"). Each full Warrant entitles its holder thereof to purchase one common class A share at a price of $0.22 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 hold period expiring on November 25, 2017.
In connection with this closing, Radisson paid an amount of $70,000 in finder's fee and issued 350,000 finder's warrants entitling the holder thereof to acquire one class A share of the share capital of Radisson at $0.22 for a period of 18 months following the closing date.
The closing of this private placement is subject to final acceptance by the TSX Venture Exchange.
As a result of the private placement, there are currently 115,648,857 class A shares of Radisson issued and outstanding.
The Company intends to use the gross proceeds of the Offering 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. The Company will agree to renounce such Canadian Exploration Expenses with an effective date of no later than December 31, 2017.
Amendment to press release distributed on June 15, 2017
This statement replaces an information submitted in the press release distributed on June 15, 2017; In connection with the closing announced on June 15, 2017, Radisson paid an amount of $ 7,700 in finder's fee and issued 48,125 finder's warrants entitling the holder thereof to acquire one class A share of the share capital of Radisson at $0.22 for a period of 18 months following the closing date.
About Radisson Mining Resources Inc.
Radisson is a Quebec-based mineral exploration company. The O'Brien project, cut by the regional Larder-Lake-Cadillac Fault, is Radisson's main asset. The former O'Brien Mine, is 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, April 2015).
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For more information on Radisson, please visit our website at www.radissonmining.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration is available.
Forward-Looking Statements: This press release may contain certain forward-looking information. All statements included herein, but other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Radisson's disclosure documents on the SEDAR website at www.sedar.com.
Contact
Mario Bouchard
President & Chief Executive Officer
819-277-6578
mbouchard@radissonmining.com