Radisson Mining Resources Secures $6 Million for O'Brien Project
Radisson Mining Resources Upsizes Private Placement
Radisson Mining Resources Inc. (TSX-V: RDS, OTCQB: RMRDF) has made an exciting announcement following strong interest from both existing shareholders and institutional investors. The initial private placement, known as the Offering, has been significantly oversubscribed. As a result, Radisson has decided to increase the Offering, aiming for total gross proceeds of C$ 6,000,000. The funds raised will be focused on advancing the exploration and development of the O'Brien Gold Project in the Abitibi region of Québec.
Details of the Offering
The Offering consists of several different securities, collectively referred to as the “Securities.” These include:
- Units of the Company, each Unit comprising one Class A common share and one-half of a share purchase warrant, priced at C$0.27 per Unit. Each warrant will be valid for 24 months at a price of C$0.37 per underlying share.
- Class A shares qualifying as flow-through shares, priced at C$0.36 per FT share.
- Charitable flow-through units consisting of one FT Share and one-half of a warrant, at a price of C$0.47 per Charity FT Unit, with similar warrant terms as above.
The proceeds from the flow-through shares will specifically support Canadian Exploration Expenses related to the O’Brien gold project, a strategic move that offers attractive tax deductions for investors.
The Importance of the O'Brien Gold Project
The O'Brien Gold Project is a cornerstone asset for Radisson, located in the historically rich Bousquet-Cadillac mining camp. This area has garnered attention for producing over 25 million ounces of gold in the past century. Notably, the former O’Brien Mine emerged as one of the highest-grade gold producers in Québec.
Currently, the Project estimates indicate mineral resources totaling approximately 0.50 million ounces (1.52 million tonnes at 10.26 g/t Au) in indicated resources and an additional 0.45 million ounces (1.62 million tonnes at 8.64 g/t Au) in inferred resources. These compelling numbers reflect the project's potential and the company's commitment to its development.
Financial Aspects and Closing Timeline
The Offering might entail a finder’s fee comprising 6% cash and an equivalent amount in finder’s warrants. Closing is anticipated around October 17, 2024, contingent on securing necessary regulatory approvals, including consent from the TSX Venture Exchange. All securities from this Offering will be subject to a four-month hold period post-issuance.
Director Participation and Compliance
It’s foreseen that one or more directors will participate in acquiring Securities under the Offering. Such involvement qualifies as a related party transaction under Multilateral Instrument 61-101 (MI 61-101). Radisson believes that this undertaking will meet exemptions from formal evaluation and minority approval stipulations under MI 61-101 due to the market capitalization considerations of the Company.
About Radisson Mining Resources Inc.
Radisson Mining Resources Inc. is dedicated to gold exploration, primarily targeting its flagship O'Brien Gold Project. Situated in a prominent location within the Bousquet-Cadillac mining camp, Radisson is uniquely positioned to tap into the regional geological potential. The wealth of mineral resources in this area underscores the strategic importance of the O'Brien Project for the company's future growth.
For more information about Radisson's ongoing projects, interested parties can visit their website or reach out directly. The contact details for company representatives are:
Matt Manson
President and CEO
416.618.5885
mmanson@radissonmining.com
Kristina Pillon
Manager, Investor Relations
604.908.1695
kpillon@radissonmining.com
Frequently Asked Questions
What is the main purpose of Radisson's private placement?
The primary aim of the private placement is to raise funds for the exploration and development of the O'Brien Gold Project, enhancing its overall prospects.
How much has Radisson Mining Resources raised in its Offering?
Radisson has upsized its Offering to achieve gross proceeds of C$ 6,000,000 due to strong demand from investors.
What types of securities are being offered?
The Offering includes units comprising common shares and warrants, flow-through shares, and charitable flow-through units.
What is the significance of the O'Brien Gold Project?
The O'Brien Gold Project holds substantial mineral resources and has a rich history within a prolific mining region, making it vital for Radisson's future.
When is the expected closing date for the Offering?
The Offering is expected to close around October 17, 2024, pending regulatory approvals.
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