Radisson Mining Resources to Raise $3 Million in Funding
Radisson Mining Resources Announces Private Placement Initiative
Radisson Mining Resources Inc. (TSX-V: RDS, OTCQB: RMRDF) is excited to share its plan to secure CAN $3 million through a non-brokered private placement. This initiative reflects the company's strong commitment to advancing the exploration and development of the renowned O'Brien Gold Project in the Abitibi region.
Details on the Offering
As part of this offering, Radisson aims to issue various securities, including:
- Units which consist of one Class A common share along with one-half of a common share purchase warrant, priced at CAN $0.27 per unit. The warrants will be valid for a period of 24 months at a price of CAN $0.37 per share.
- Flow-through shares priced at CAN $0.36, qualifying under specific Canadian tax regulations aimed at supporting exploration expenses.
- Charity flow-through units that comprise one flow-through share and one-half of a warrant set at a price of CAN $0.47 per unit with similar warrant terms as the other securities.
Use of Proceeds
Proceeds from the FT Shares will be directed toward Canadian Exploration Expenses (CEE) related to the O’Brien gold project. This investment focuses on incurring critical flow-through mining expenditures which will subsequently be renounced to the subscribers. The strategic plan specifies the renunciation will be confirmed by a predetermined deadline, ensuring timely advantages for the investors.
Tax Benefits for Investors
For investors based in Québec, the offering provides potential tax deductions, allowing them to benefit from a 20% total deduction for certain exploration expenses under applicable tax laws. This added incentive makes the offering more attractive, aligning with Radisson's goal to foster strong investor relationships.
Upcoming Key Events
The closing of this offering is anticipated around mid-October, contingent upon receiving necessary regulatory approvals. This includes acceptance from the TSX Venture Exchange and underscores the commitment of Radisson to operate within the framework of regulatory standards.
Related Party Transactions
Radisson anticipates participation from one or more directors in the offering, marking it as a ‘related party transaction’ under Canadian regulations. It’s essential to note that this participation is expected to exceed a certain threshold, but the company intends to ensure compliance with all applicable legal obligations.
Future of Radisson Mining Resources
Radisson Mining Resources is dedicated to the exploration of gold through its flagship O’Brien Gold Project, situated in the historically productive Bousquet-Cadillac mining camp of Québec. This region boasts a rich heritage, having produced over 25 million ounces of gold over the past century. Radisson takes pride in the legacy of the O'Brien Mine, which was recognized as one of the highest-grade gold producers in Canada.
The project currently holds significant mineral resources estimated at half a million ounces in indicated mineral resources, highlighting its potential for further development. These promising estimates underscore the optimism surrounding ongoing operations and exploration activities.
Contact Information
For further queries, interested parties can reach out to:
Matt Manson
President and CEO
416.618.5885
Email: manson@radissonmining.com
Kristina Pillon
Manager, Investor Relations
604.908.1695
Email: kpillon@radissonmining.com
Frequently Asked Questions
What is the purpose of Radisson's private placement?
The private placement aims to raise funds to advance the exploration and development of the O'Brien Gold Project.
How much is Radisson aiming to raise through this placement?
Radisson intends to raise C$3 million through this non-brokered private placement.
What types of securities are being offered?
The offering includes common shares, flow-through shares, and charitable flow-through units.
What are the benefits for Québec residents investing in FT Shares?
Québec residents may benefit from a tax deduction of 20% for certain exploration expenses related to their investments.
Who can I contact for more information?
For more information, you can contact Matt Manson or Kristina Pillon directly via their provided emails.
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