Radisson Announces $5 Million Private Placement

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ROUYN-NORANDA, Quebec, Oct. 30, 2023 (GLOBE NEWSWIRE) -- Radisson Mining Resources Inc. (TSX-V: RDS, OTCQB: RMRDF) (“Radisson” or the “Corporation") is pleased to announce a private placement (the “Offering”) for aggregate gross proceeds of $5,000,000 in any combination of: (i) units of the Corporation (the “Hard Units”) at a price of $0.18 per Hard Unit, (ii) class A shares of the Corporation to be issued as "flow-through shares" within the meaning of the Income Tax Act (Canada) (the “Tax Act”) and to be sold to purchasers in all provinces and territories of Canada, excluding Quebec (the “Federal FT Shares”) at price of $0.205 per Federal FT Share, (iii) class A shares of the Corporation to be issued as "flow-through shares" within the meaning of the Tax Act and to be sold to purchasers in the province of Quebec (the “Quebec FT Shares”) at a price of $0.225 per Quebec FT Share, and (iv) flow-through units to be sold to charitable purchasers (the “Charity FT Units”) at a price of $0.32 per Charity FT Unit.

Each Hard Unit will consist of one Class A common share of the Corporation and one-half of a Class A common share purchase warrant (each whole class A purchase warrant, a “Warrant”).

Each Charity FT Unit will consist of one class A of the Corporation to be issued as a "flow-through share" within the meaning of the Tax Act and one-half of a Warrant.

Each Warrant will entitle the holder thereof to acquire one additional Class A class A of the Corporation for a period of 24 months from the closing of the Offering (the “Closing”) at a price of $0.27.

Use of Proceeds

The gross proceeds received by the Corporation 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, 2023, 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.