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Radisson Announces closing of a $2.5 Million Private Placement
ROUYN-NORANDA, Quebec, July 09, 2020 (GLOBE NEWSWIRE) -- Radisson Mining Resources Inc. (TSX-V: RDS, OTC: RMRDF) (“Radisson” or the “Company") is pleased to ann
About this update from Radisson Mining Resources Inc.
[{"type":"text","content":" ROUYN-NORANDA, Quebec, July 09, 2020 (GLOBE NEWSWIRE) -- Radisson Mining Resources Inc. (TSX-V: RDS, OTC: RMRDF) (“Radisson” or the “Company\") is pleased to announce that it has closed its previously announced private placement (See Radisson announces investment by the Marshall Precious Metals Fund SP managed by David Garofalo) for aggregate gross proceeds of CAD$2,499,999.55 (the “Offering”). The Offering consisted of the issuance of 4,762,655 Class A shares (the “Class A shares”) in the capital of the Company, priced at CAD$0.20 for gross proceeds of $952,531.00 and 4,274,775 charity flow-through shares (the “Québec Charity FT Shares”) each of which qualify as a “flow-through share”priced at CAD$0.362 for gross proceeds of $1,547,468.55. An investment by the Sunrise SPC - Marshall Precious Metals Fund SP (the “Marshall Precious Metals Fund SP”) accounted for the majority of the offering. Following the close of this offering, the Marshall Precious Metals Fund SP is expected to own 5,262,430 shares of Radisson. “We are delighted to welcome the Marshall Precious Metals Fund SP as a shareholder and are also grateful to existing shareholders that supported the offering. With the close of this offering our treasury stands at approximately $8.5 M which will enable us to further strengthen our balance sheet and expand our ongoing drill program. The pace of drilling at O’Brien has picked up with the addition of a third drill rig and we look forward to providing the market with regular updates in the coming months.” commented Mario Bouchard, Chief Executive Officer of Radisson Mining Resources. About the Marshall Precious Metals Fund SP Sunrise SPC – Marshall Precious Metals Fund SP (the “Fund”) is a mutual fund managed by OP Investment Management Limited. MPM Capital Management is appointed as the investment advisor to provide investment advices and recommendations to the Fund. David Garofalo is the Chairman and CEO of MPM Capital Management. Use of proceeds The gross proceeds received by the Company from the sale of Class A shares will be used for exploration expenses, general working capital and administrative purposes. The gross proceeds received from the sale of Québec Charity 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 ...