Radisson Announces Closing of a $324,000 Private Placement
ROUYN-NORANDA, QUEBEC--(Marketwired - Dec 31, 2015) - Radisson Mining Resources Inc. (TSX VENTURE:RDS) ("Radisson") is pleased to announce that it has closed a $324,000 private placement for the development of the O'Brien project. Proceeds will be used to pursue the completion of the 6,200m drill program announced by Radisson earlier in December.
In connection with this private placement, Radisson issued 1,296,000 flow-through shares at a price of $0.25. These shares are divided among 12 private investors. No cash compensation is linked to the placement and the shares issued are subject to a hold period of four months and one day.
One director of Radisson made contribution to the placement for a total amount of $25,000 representing 100,000 flow-through shares.
As a result of the private placement, there are 88,361,196 class A common shares of Radisson issued and outstanding.
Drill program
On December 10th, one drill rig was mobilized at the O'Brien project to start a 6,200m drill program. Earlier this year, extension drill targets located in 6 areas around current mineral resources of 36E and Kewagama areas were identified (figure 1).
Phase 1 drill program will consist of 6,200 m in area 1 to 5 with purpose of extending known ore shoots with likely possibility of defining new ore shoots.
About Radisson Mining Resources Inc.
Radisson is a Quebec-based mineral exploration company. The O'Brien project, cut by the regional Larder-Lake-Cadillac Fault, is Radisson's main asset. The former O'Brien Mine, is considered to have been the Abitibi Greenstone Belt's highest-grade gold producer during its production (1,197,147 metric tons at 15.25 g/t Au for 587,121 ounces of gold from 1926 to 1957; InnovExplo, April 2015).
For more information on Radisson, visit our website at www.radissonmining.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements: This press release may contain certain forward-looking information. All statements included herein, including the scheduled Closing date, but other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Radisson's disclosure documents on the SEDAR website at www.sedar.com.
Contact
Mario Bouchard
President and CEO
819-277-6578
mbouchard@radissonmining.com