ROUYN-NORANDA, QUEBEC–(Marketwired – May 6, 2016) – Radisson Mining Resources Inc. (TSX VENTURE:RDS) (“Radisson“) announces that it has closed first tranche of private placement opened on Red Cloud Klondike Strike’s platform (“RCKS”) for gross proceeds of $402,510.30.
Under the terms of the offering, the corporation issued 2,683,402 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 November 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 September 7, 2016.
Three directors made contribution to the private placement for a total amount of $85,000.05 representing 566,667 units.
In connection with this first tranche of the private placement, Radisson paid a cash commission in the amount of $19,600 and 170,338 agent warrants entitling RCKS to acquire one class A share of the share capital of Radisson at $0.15 until November 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 April 20, 2016 Radisson announced results of four first holes completed in the 2016 drill program including an intersection of 12.73 g/t Au over 1.0 metre in Pontiac Group sedimentary rocks south of current mineral resources at the O’Brien project. (See Press release)
Closing of final tranche of the private placement will occur on or before June 7, 2016.
The closing of this first tranche of private placement is subject to final acceptance by the TSX Venture Exchange.
As a result of the private placement, there are currently 91,044,598 class A 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 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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For more information on Radisson, please 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.
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.
Mario Bouchard
President & Chief Executive Officer
819-277-6578
mbouchard@radissonmining.com