Radisson Mining Resources Inc. (TSX-V:RDS) is pleased to announce that it has closed a first tranche of $ 1 million for a private placement for up to $ 2 million. The private placement will involve the issuance of 5,000,000 flow-through shares at a price of $ 0.20 for gross proceeds of $1,000,000 and the issuance of 6,666,667 hard units at a price of $0.15 per unit for gross proceeds of $1,000,000.05. Each Unit consists of one class A share of the share capital of Radisson and one half-share purchase warrant. Each full Warrant will entitle its holder thereof to purchase one class A share at a price of $0.20 for a period of 18 months after the date of closing.
Under the terms of the offering, the corporation issued 3,000,000 flow-through shares at a price of $0.20 for a gross proceed of $ 600,000. In parallel the corporation issued 2,666,667 units at a price of $0.15 per unit for a gross proceed of $400,000.05. 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 February 11, 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 December 12, 2016.
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.
Two directors made contribution to the private placement for a total amount of $80,000 representing 400,000 flow-through shares.
Finder’s fee were paid to Red Cloud Klondike Strike under a finder’s fee agreement between RCKS and the Company, pursuant to which Radisson paid RCKS a 7% cash fee, for total of $47,250 and 350,000 finder’s warrants entitling RCKS to acquire one class A share of the share capital of Radisson at $0.20 until February 11, 2018.
Closing of final tranche of the private placement will occur on or before September 25, 2016.
The closing of this first tranche of private placement is subject to final acceptance by the TSX Venture Exchange.
As a result of the private placement, there are currently 98,527,931 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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