Radisson Mining Upsizes Private Placement to $7 Million
Radisson Mining Expands Private Placement Offering
Radisson Mining Resources Inc. (TSX-V: RDS, OTCQB: RMRDF) has made an exciting announcement regarding its private placement which has been upsized to an impressive C$7,000,000. The uptick in funding comes as a result of strong demand from both existing and new institutional investors, reflecting robust interest in the Company's O'Brien Gold Project. This funding milestone will significantly contribute to the ongoing exploration and development operations at the project site located in Québec.
Significant Support from Investors
Matt Manson, President and CEO of Radisson, expressed sincere gratitude toward the support demonstrated by shareholders during this funding round. He highlighted the overwhelming enthusiasm surrounding the offering, which was oversubscribed and saw a second upsizing. Manson pointed out that the company had reported impressive high-grade drill results from deeper levels of the O’Brien Gold Project, suggesting more potential for future growth.
Details of the Upsized Offering
The Offering will comprise several classes of securities. It will include units that consist of one Class A common share along with half of a common share purchase warrant, with a unit price set at C$0.27. Each warrant can be exercised at a later date at a price of C$0.37 per underlying share over a period of 24 months.
Flow-Through Shares to Drive Exploration
Additionally, the Offering will see the introduction of flow-through shares categorized as QFT Shares, priced at C$0.36 each, designed to qualify under Canadian tax incentives. Furthermore, Charity FT Units will be offered at C$0.47. Each of these share types is aimed at enhancing the Company’s exploration activities, specifically focused on providing essential exploration funding that can be deducted for tax purposes.
Funding Utilization and Future Growth
The proceeds from the sale of these flow-through shares will be directed exclusively towards qualifying Canadian Exploration Expenses related to the O’Brien Gold Project. Following this financing, Radisson plans to initiate an ambitious exploration program in 2025, alongside key metallurgical and economic assessments that will be vital for advancing the Project's development plans.
Anticipated Closing Date
The closing of this Offering is anticipated to occur shortly after this announcement, subject to the requisite regulatory approvals from the TSX Venture Exchange. The Company looks forward to an active exploration phase and is poised to deliver ongoing results as drilling progresses.
About Radisson Mining Resources Inc.
Radisson specializes in gold exploration and is fully committed to its 100% owned O’Brien Gold Project, situated in the renowned mining camp of Bousquet-Cadillac. This area has a rich history and boasts a remarkable track record of gold production, having yielded over 25 million ounces over the past century. The O’Brien Mine is historically noted as one of the highest-grade gold producers in Québec.
Mineral Resources and Exploration Potential
The Company has reported significant mineral resources at the project, with indicated mineral resources estimated at 0.50 million ounces, alongside inferred mineral resources of 0.45 million ounces. These promising figures highlight the potential for expansion and resource enhancement within the O’Brien Gold Project, allowing Radisson to tap into a wealth of geological opportunity.
For further inquiries or information regarding the ongoing exploration and investment opportunities, you may contact Matt Manson, President and CEO at 416.618.5885 or Kristina Pillon, Manager of Investor Relations at 604.908.1695. Both can also be reached via email.
Frequently Asked Questions
What is the total amount raised in Radisson's private placement?
The total amount raised in Radisson's private placement is C$7,000,000, following an upsizing due to high demand.
What will the proceeds from the offering be used for?
The proceeds will primarily fund the exploration and development of Radisson's O'Brien Gold Project, including metallurgical and economic evaluations.
When is the closing date for the private placement?
The closing of the offering is expected around mid-October, pending regulatory approvals.
What types of securities are being offered?
The offering includes units comprising common shares and warrants, as well as flow-through shares qualifying for tax benefits.
What are Radisson's mineral resource estimates?
Radisson's O’Brien Gold Project hosts indicated mineral resources of approximately 0.50 million ounces and inferred resources of about 0.45 million ounces.
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