Business
Radisson Announces Closing of Previously Announced $12 Million Oversubscribed Private Placement
Rouyn-Noranda, Quebec--(Newsfile Corp. - May 15, 2025) - Radisson Mining Resources Inc. (TSXV: R...
About this update from Radisson Mining Resources Inc.
[{"type":"text","content":"Radisson Announces Closing of Previously Announced $12 Million Oversubscribed Private PlacementRouyn-Noranda, Quebec--(Newsfile Corp. - May 15, 2025) - Radisson Mining Resources Inc. (TSXV: RDS) (OTCQB: RMRDF) (\"Radisson\" or the \"Company\") is pleased to announce that it has closed its previously announced non-brokered private placement (the \"Offering\") for total gross proceeds of $12,070,000. Pursuant to the closing, Radisson issued: (i) 4,500,001 Class A common shares of the Company (\"Common Shares\") at a price of C$0.30 per Common Share, and; (ii) 31,529,411 Class A common shares of the Company (the \"FT Shares\"), which shall each qualify as a \"flow-through share\" as defined in subsection 66(15) of the Income Tax Act (Canada) (\"ITA\") and section 359.1 of the Taxation Act (Québec) (the \"Québec Tax Act\"), at a price of C$0.34 per FT Share.Matt Manson, President and CEO, commented: \"We would like to thank those new and existing shareholders who have participated in this successful financing. Since late last year, we have been achieving consistent success with our strategy of drilling below the existing Mineral Resources at the O'Brien Gold Project. In particular, we are excited by what is developing with our drilling below the historic O'Brien mine workings, where multiple drill holes have intersected high-grade gold intercepts, delineating a large zone of multiple veins with good continuity. We believe the historic O'Brien mine and the current Mineral Resources, 75% of which are defined to depths of only 600 metres, represent the near-surface portions of a much larger mineralizing system that extends to depth, with considerable scale potential. Our strengthened treasury will now allow us to pursue this potential aggressively. Drilling is ongoing with three rigs on our original 22,000 metre 2025 drill program, and additional assay results are upcoming. We expect to release details of an expanded and extended drill program at O'Brien, shortly.\"Gross proceeds received by the Company from the sale of the 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 Tax Act (Canada)) on the O'Brien Gold Project in the Province of Québec, which will be renounced to the subscribers with an effective date no l...