ROUYN-NORANDA, QUEBEC–(Marketwired – June 6, 2016) – Radisson Mining Resources Inc. (TSX VENTURE:RDS) (“Radisson“) is pleased to announce that it has closed the second and final tranche of the previously announced private placement for gross proceeds of $272,500. Total gross proceeds of the private placement closed in collaboration with Red Cloud Klondike Strike (“RCKS“) is in the amount of $675,010. The net proceeds will be used for exploration and development of the O’Brien gold project located in Quebec along the world-renowned Abitibi Gold Belt.
Under the terms of the offering, the corporation issued 1,816,666 units at a price of $0.15 per units. Each Unit consists of one class A 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 class A share at a price of $0.20 until December 6, 2017. 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 October 7, 2016.
In connection with closing of the private placement, Radisson paid 127,167 agent warrants entitling RCKS to acquire one class A share of the share capital of Radisson at $0.15 until December 6, 2017.
The net proceeds of the offering will be used for exploration and development of the O’Brien project and for general administrative and corporate expenses. On June 1, 2016 Radisson announced results of last two holes completed in the phase 1 of 2016 drill program including an intersection of 17.57 g/t Au over 1.36m (See Picture) in extension of ore shoots within current mineral resources of the O’Brien project. (See Press release)
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 92,861,264 class A shares of Radisson issued and outstanding.
Annual general meeting results
Radisson is also happy to announce that the seven candidates designated in the management proxy circular dated May 1, 2016 were elected to the Corporation’s Board of Directors during the shareholder’s annual meeting held in Rouyn-Noranda on June 3, 2016.
The shareholders were represented in person or by proxy by 49,740,560 class A shares, or 56.29% of the 88,361,196 outstanding class A shares. Voting results are presented below:
|Director||For||% For||Withheld||% Withheld|
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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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.
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.
Forward-Looking Statements: This press release may contain certain forward-looking information. All statements included herein, 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.