ROUYN-NORANDA, QUEBEC–(Marketwired – March 8, 2016) – Radisson Mining Resources Inc. (TSX VENTURE:RDS) (“Radisson“) is pleased to announce it has signed an engagement agreement with Red Cloud Klondike Strike Inc. (“RCKS”) to assist Radisson on a commercially reasonable effort basis in raising up to $1,000,000.05 (the “Offering”), by way of a private placement through the online investment platform created by RCKS.
The Offering will comprise of up to 6,666,667 units (“Unit“) priced at $0.15 per Unit. Each Unit consists of one common share of the share capital of Radisson and one half-share purchase warrant (“1/2 Warrant”). Each full Warrant entitles its holder thereof to purchase one common share at a price of $0.20 for a period of eighteen (18) months from the issuance of the Units. A 7% cash fee and 7% Broker Warrants will be payable on the closing of the offering to RCKS. Each Broker Warrant is exercisable into one (1) common share of Radisson for a period of eighteen (18) months at a price of $0.20 per share.
The net proceeds of the offering are intended to be used for completion of the 6,200 metre drill program underway at the 100% owned O’Brien project, a baseline environmental study and for general administrative and corporate purposes. Up to date, 6 drill holes totalling 2,800 metres were completed in area 1, 4 and 5 (See figure 1) at the O’Brien gold project.
“We are very please to announce this financing as it will help us continue to grow a strong shareholder base as we move forward towards our goal of improving upon the current PEA and emerging as a strong junior gold developer company”, stated Mario Bouchard, President & CEO of Radisson.
For more information on the offering, Radisson, and how to invest, please visit www.RedCloudKS.com.
The closing of this offering is expected to occur on April 8, 2016 (the “Closing date”) and is subject to receipt of all necessary regulatory approvals, including approval from the TSX Venture Exchange. The common shares with respect to this offering will be subject to a four (4) month and one day hold period in accordance with applicable Canadian securities laws.
There are currently 88,361,196 common 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 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).
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This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration is available.
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. .