The company raised gross proceeds of $ 657,404.56 through the issuance of 326,190 Class A units (the “Unit”) at a price of $0.13 and 416,667 flow-through class A shares (the “FT shares”) at a price of $0.18.
Each Unit consists of one Class A share of the share capital of Radisson and one-half of share purchase warrant (“Warrant”) with each full Warrant entitling its holder thereof to purchase one Class A share at a price of $0.17 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 and one day hold period expiring on December 25, 2018.
Two insiders of the corporation made contribution to the private placement for a total amount of $ 55,000.08 resulting into 305,556 FT shares.
Final closing of this private placement is expected to occur on or before September 14th, 2018. The closing of this private placement is subject to final acceptance by the TSX Venture Exchange.
As a result of this first closing, there are currently 128,441,750 class A shares of Radisson issued and outstanding.
The Company intends to use the gross proceeds of the Offering from FT Units 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, 2018.
About Radisson Mining Resources Inc.
Radisson is a Quebec-based mineral exploration company. The O’Brien project, cut by the regional Cadillac Break, is Radisson’s flagship asset. 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; InnovExplo, May 2018).
For more information on Radisson, visit our website at www.radissonmining.com or contact:
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.
Forward-Looking Statements: This press release may contain certain forward-looking information. All statements included herein, including the scheduled Closing date, 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.