Radisson Mining Resources Inc. (TSX-V:RDS) is pleased to announce that it has closed a final tranche of $1,590,000 for an oversubscribed private placement totalling $2,590,000.
On the final tranche, the company raised a gross proceed of $1,590,000 through the issuance of 7,500,000 flow-through shares at a price of $0.20 and 600,000 hard units at a price of $0.15. Each Unit consists of one class A share of the share capital of Radisson and one half-share purchase warrant. Each full Warrant entitles its holder thereof to purchase one class A share at a price of $0.20 until March 22, 2018. In accordance with Canadian securities laws, the securities issued and issuable in the first tranche of this private placement are subject to a four-month hold period expiring on January 23, 2017.
The net proceeds of the offering will be used for exploration and development of the O’Brien project owned at 100% by Radisson and located in the Bousquet-Cadillac mining camp along the Larder-Lake-Cadillac Fault and for general administrative and corporate expenses. The proceeds from the issuance of Flow Through Shares will qualify as Canadian and/or Québec exploration expenses, which will be renounced to investors no later than December 31, 2016.
Under a finder’s fee agreement between Red Cloud Klondike Strike and the Company, Radisson paid a 7% cash fee, for total of $111,300 and 567,000 finder’s warrants entitling the holder thereof to acquire one class A share of the share capital of Radisson at $0.20 until March 22, 2018.
The closing of this final tranche of private placement is subject to final acceptance by the TSX Venture Exchange.
As a result of the private placement, there are currently 106,636,264 class A shares of Radisson issued and outstanding.
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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