Radisson Announces Closing of Oversubscribed $13 Million Private Placement

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ROUYN-NORANDA, Quebec, Nov. 12, 2020 (GLOBE NEWSWIRE) -- Radisson Mining Resources Inc. (TSX-V: RDS, OTC: RMRDF) (“Radisson” or the “Corporation") is pleased to announce that it has closed its previously announced private placement, including the exercise in full of the agents’ over-allotment option, for aggregate gross proceeds of $13,172,034 (the “Offering”). The Offering was conducted pursuant to the terms and conditions of an agency agreement entered into between the Corporation and a syndicate of agents led by Eight Capital, BMO Capital Markets and INFOR Financial Inc. as co-lead agents (collectively, the “Co-Lead Agents”) and Clarus Securities Inc., Laurentian Bank Securities Inc. and Canaccord Genuity Corp. (together with the Co-Lead Agents, the “Agents”). The Offering consisted of the issuance of (i) 17,647,100 units of the Corporation (the “Hard Units”) at a price of $0.34 per Hard Unit, (ii) 1,880,000 Quebec flow-through Class A shares of the Corporation (the “Quebec FT Shares”), at a price of $0.50 per Quebec FT Share, and (iii) 10,386,700 charity flow-through units (the “Charity FT Units”) at a price of $0.60 per Charity FT Unit.

Each Hard Unit consisted of one Class A share of the Corporation and one-half of a Class A share purchase warrant (each whole common share purchase warrant, a “Hard Warrant”). Each Charity FT Unit consisted of one charity flow-through Class A share of the Corporation and one-half of a Class A share purchase warrant (each whole common share purchase warrant, a “Charity Unit Warrant”). Each Hard Warrant and Charity Unit Warrant will entitle the holder thereof to acquire one additional Class A share of the Corporation for a period of 18 months from the closing of the Offering (the “Closing”) at a price of $0.51.

The Quebec FT Shares and the Class A shares comprised in the Charity FT Units will qualify as "flow-through shares" within the meaning of subsection 66(15) of the Income Tax Act (Canada). The gross proceeds from the sale of the Quebec FT Shares and the Class A shares comprised in the Charity FT Units will be used for general exploration expenses on the Corporation's properties located in Quebec.

In consideration for the services rendered in connection with the Offering, the Agents received a cash commission of $667,651.92 and advisory fees of $42,500. As additional consideration, the Corporation also issued to the Agents an aggregate of 1,484,008 non-transferable compensation warrants and 107,500 non-transferable advisory warrants to purchase collectively up to 1,591,508 Class A shares at an exercise price of $0.51 for a period of 18 months from the Closing.