Radisson Announces Upsize of its previously announced Marketed Private Placement to $5 Million

Nachrichtenquelle: globenewswire
04.12.2019, 15:27  |  101   |   |   

Not for distribution to United States newswire services or for dissemination in the United States

ROUYN-NORANDA, Quebec, Dec. 04, 2019 (GLOBE NEWSWIRE) -- Radisson Mining Resources Inc. (TSX-V: RDS, OTC: RMRDF) (“Radisson” or the “Company") is pleased to announce that due to investor demand in connection with its previously announced private placement, it has entered into an agreement with a syndicate of agents led by Clarus Securities Inc. and Laurentian Bank Securities Inc., as co-lead Agents (together the “Agents”) pursuant to which the Company and the agents have agreed to upsize the proposed private placement (the “Offering”) for aggregate gross proceeds of up to $5,000,000 of securities in a combination of (i) Charity Flow-Through Class A Shares (the “Charity FT Shares”) at a price of $0.297 per Charity FT Share and (ii)  Quebec Flow-Through Class A Shares (the “Quebec FT Shares”) at a price of $0.255 per Quebec FT Share (together with the Charity FT Shares, the “FT Shares”).

The gross proceeds received by the Company from the sale of the FT Shares will be used to incur Canadian Exploration Expenses (“CEE”) that are “flow-through mining expenditures” (as such terms are defined in the Income Tax Act (Canada)) on the O’Brien gold project in the Province of Québec, which will be renounced to the subscribers with an effective date no later than December 31, 2019, in the aggregate amount of not less than the total amount of the gross proceeds raised from the issue of FT Shares. For purchasers of FT Shares resident in the Province of Québec, 10% of the amount of CEE will be eligible for inclusion in the deductible “exploration base relating to certain Québec exploration expenses” and 10% of the amount of the expenses will be eligible for inclusion in the deductible “exploration base relating to certain Québec surface mining exploration expenses” (as such terms are defined in the Taxation Act (Québec), respectively) giving rise to an additional 20% deduction for Québec tax purposes.

The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons in the absence of U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

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