ROUYN-NORANDA, Quebec, Dec. 28, 2018 (GLOBE NEWSWIRE) -- Radisson Mining Resources Inc. (“Radisson” or the “Company") is pleased to announce the closing of a $ 446,000 non-brokered private placement totalling 2,787,500 Class A flow-through shares at a price of $ 0.16 (“FT Shares”).
The Company intends to use the gross proceeds of the Offering from FT Shares for “Canadian Exploration Expenses” (within the meaning of the Income Tax Act (Canada)) related to the Company's 100% owned 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.
Three directors of the corporation made contribution to the private placement for a total amount of $75,000 resulting into 468,750 Flow-through shares. As directors of Radisson made contribution to the transaction, the private placement constitutes a "related party transaction", within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 ("MI 61-101"). The Company is relying on the exemptions from the formal valuation and minority approval requirements of MI 61-101 contained in sections 5.5 (a) and 5.7 (1) (a) of MI 61-101 in respect of the related party participation in the private placement.
As a result of this closing, there are currently 137,029,000 Class A shares of Radisson issued and outstanding.
In connection with this closing, Radisson paid an amount of $ 22,750 in finder’s fee.
About Radisson Mining Resources Inc.
Radisson is a Quebec-based gold exploration company focused on its 100% owned O’Brien project, located Abitibi, PQ in the Bousquet-Cadillac mining camp along the world-renowned Larder-Lake-Cadillac Break. The Bousquet-Cadillac mining camp has produced over 21,000,000 ounces of gold over the last 100 years. 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).
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.