Mr. Rahul Paul reports
RADISSON ANNOUNCES UPSIZE OF ITS PREVIOUSLY ANNOUNCED PRIVATE PLACEMENT TO $6 MILLION
Due to investor demand with its previously announced private placement, Radisson Mining Resources Inc. has entered into an agreement with Eight Capital, as lead agent and sole bookrunner, on behalf of a syndicate of agents, pursuant to which the corporation and the agents have agreed to upsize the proposed private placement for aggregate gross proceeds of up to $6-million of securities in any combination from the sale of Class A shares of the corporation that qualify as flow-through shares: (i) flow-through Class A shares of the corporation at price of 32 cents per federal flow-through Class A share; (ii) Quebec flow-through Class A shares at a price of 35 cents per Quebec FT share; and (iii) Quebec charity flow-through shares at a price of 45 cents per charity FT share.
The corporation has also granted to the agents an option, exercisable at any time until 48 hours prior to closing, to offer for sale additional flow-through shares representing up to 15 per cent of the gross proceeds of the offering, in such proportion as the agents may determine, to cover overallotments, if any.
The gross proceeds received by the corporation from the sale of the FT shares will be used to incur Canadian exploration expenses 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 Quebec, which will be renounced to the subscribers with an effective date of no later than Dec. 31, 2021, in an aggregate amount 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 Quebec, 10 per cent of the amount of Canadian exploration expenses will be eligible for inclusion in the deductible exploration base relating to certain Quebec exploration expenses, and 10 per cent of the amount of the expenses will be eligible for inclusion in the deductible exploration base relating to certain Quebec surface mining exploration expenses (as such terms are defined in the Taxation Act (Quebec), respectively), giving rise to an additional 20-per-cent deduction for Quebec tax purposes.
The offering is scheduled to close on or about Dec. 9, 2021, and is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals, including that of the TSX Venture Exchange.
About Radisson Mining Resources Inc.
Radisson is a gold exploration company focused on its 100-per-cent-owned O'Brien project, located in the Bousquet-Cadillac mining camp along the world-renowned Larder Lake-Cadillac break in Abitibi in Quebec. The Bousquet-Cadillac mining camp has produced greater than 21 million ounces of gold over the past 100 years. The project hosts the former O'Brien mine, considered to have been Quebec's highest-grade gold producer during its production (1,197,147 metric tonnes at 15.25 grams per tonne gold for 587,121 ounces of gold from 1926 to 1957).
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