Radisson welcomes strategic investment from Renaud Adams, closes $ 1.53 M Private Placement
ROUYN-NORANDA, QUEBEC--(Marketwired - Dec. 6, 2017) - Radisson Mining Resources Inc. (TSX VENTURE:RDS)(OTC:RMRDF)(FRANKFURT:2RX)
Press release highlights:
Mario Bouchard President & CEO commented: "We are pleased to welcome Renaud as a shareholder of the company, the closing of this strategic investment will enable Radisson to pursue the exploration and development plan of the O'Brien gold project. In the coming months, our main focus will be on the exploration of the Vintage Zone where the company recently discovered multiple high-grade gold intersects over a strike length of 825 m, from surface and up to 580 m at depth. In parallel, the company is on track to complete a resource estimate update at O'Brien during the first quarter of 2018".
About Renaud Adams
Mr. Adams has over 20 years of mining experience, and most recently served as President and Chief Executive Officer at Richmont Mines Inc. recently acquired by Alamos Gold Inc. in a friendly transaction of approximately US$770 million. Prior to this, Mr. Adams served as President and Operating Officer at Primero Mining Corp., Senior Vice-President, Americas Operations, at IAMGold Corp., and held various senior positions with Cambior Inc. and Breakwater Resources Ltd. Mr. Adams holds a Bachelor of Engineering degree in Mining and Mineral Processing from Laval University.
Rouyn-Noranda, Quebec Radisson Mining Resources Inc. ("Radisson" or the "Company") is pleased to announce the closing of a non-brokered private placement totalling $1,534,606.47 with the strong participation of Mr. Renaud Adams, actual shareholders and the board of directors.
The company raised gross proceeds of $1,534,606.47 through the issuance of 3,333,334 Class A units (the "Unit") at a price of $0.15 and 4,926,697 flow-through units (the "FT Unit") at a price of $0.21.
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 $0.20 for a period of 18 months following the closing date of the private placement. Each FT Unit consists of one flow-through 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 $0.25 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 April 6, 2018.
Four insiders of the corporation and one company of an insider made contribution to the private placement for a total amount of $165,000.27 resulting into 553,334 units and 390,477 FT Units.
In connection with this closing, Radisson paid an amount of $5,250 in finder's fee and issued 35,000 finder's warrants entitling the holder thereof to acquire one class A share of the share capital of Radisson at $0.20 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 124,223,893 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, 2017.
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, April 2015).
For more information on Radisson, 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.
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.