Business
Radisson Mining Resources Announces Upsize of its previously announced Private Placement to $6 Million
ROUYN-NORANDA, Quebec, Nov. 17, 2021 (GLOBE NEWSWIRE) -- Radisson Mining Resources Inc. (TSX-V: RDS, OTC: RMRDF) (“Radisson” or the “Corporation") is pleased to
About this update from Radisson Mining Resources Inc.
[{"type":"text","content":" ROUYN-NORANDA, Quebec, Nov. 17, 2021 (GLOBE NEWSWIRE) -- Radisson Mining Resources Inc. (TSX-V: RDS, OTC: RMRDF) (“Radisson” or the “Corporation\") is pleased to announce that due to investor demand with its previously announced private placement, it has entered into an agreement with Eight Capital as lead agent and sole bookrunner, on behalf of a syndicate of agents (together the “Agents”) pursuant to which the Corporation and the agents have agreed to upsize the proposed private placement (the “Offering”) for aggregate gross proceeds of up to$ 6,000,000 of securities in any combination from the sale of Class A shares of the Corporation that qualify as “flow-through shares”: (i) Flow-through Class A shares of the Corporation at price of $0.32 per Federal flow-through Class A shares (the “Federal FT Shares”), Quebec flow-through Class A shares (the “Quebec FT Shares”), at a price of $0.35 per Quebec FT Share, and (iii) Quebec Charity flow-through shares (the “Quebec Charity FT Shares”) at a price of $0.45 per Charity FT share (together the “FT Shares”). The Corporation has also granted the Agents an option to offer for sale, additional flow-through shares representing up to 15% of the gross proceeds of the Offering, in such proportion as the Agents may determine, exercisable at any time until 48 hours prior to Closing, to cover over-allotments, if any. The gross proceeds received by the Corporation 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 later than December 31, 2021, in the aggregate amount of not less than the total amount of the gross proceeds raised from the issue of FT Shares. For purchasers of FT Shares resident in the Province of Québec, 10% of the amount of CEE will be eligible for inclusion in the deductible “exploration base relating to certain Québec exploration expenses” and 10% of the amount of the expenses will be eligible for inclusion in the deductible “exploration base relating to certain Québec surface mining exploration expenses” (as such terms are defined in the Taxation Act (Québec), respectively) giving rise to an additional 20% deduc...