Radar Acquisitions Corp.

Radar Acquisitions Corp.

January 09, 2008 11:02 ET

Radar Acquisitions Announces $3 Million Private Placement

CALGARY, ALBERTA--(Marketwire - Jan. 9, 2008) - Timothy Bergen, President and CEO of Radar Acquisitions Corp. ("Radar") (TSX VENTURE:RAC), is pleased to announce that Radar intends to complete a non-brokered private placement of up to 10,714,285 units at a price of C$0.28 per unit for gross proceeds of up to C$3.0 million. Each unit will consist of one common share and one half of a common share purchase warrant. Each whole warrant is exercisable at C$0.45 per common share for a period of two years from closing. A finder's fee of seven percent of the gross proceeds of the private placement may be paid on all or any portion of this private placement. Additionally, a finder's option to purchase up to eight percent of the number of units sold may be issued in respect of this private placement. The finder's option is exercisable into units on the same terms as the financing for a period of two years from the date of issuance of the option. It is not anticipated that any new insiders will be created, nor that any change of control will occur, as a result of the private placement.

Proceeds of the private placement will be used for advancing the Radar/New Energy USA, LLC, joint venture; continued lease maintenance and development of the Buick Coal Project; a reservation for working capital; and for general operating purposes. The completion of the private placement is subject to regulatory approval.

Radar has retained Ascenta Finance Corp. to act as its non-exclusive financial services agent in respect of the private placement.

About Radar Acquisitions Corp.

Radar is a diversified natural resource development company focused on growth through the acquisition, exploration and development of resources and resource related technologies. Radar is focused on a joint venture agreement it has with New Energy USA, LLC, to develop engineered solid fuel products (Re-Fuel™) using a combination of coal slurry pond waste and biomass.

Re-Fuel™ will benefit the environment through the reclamation of coal slurry and other bio-refuse in the production phase and cleaner stack and ash emissions in the power generation phase. Production of Re-Fuel can qualify the producing joint venture company for a variety of tax credits while providing coal waste owners/suppliers with a significant benefit by decreasing site reclamation costs. Users of Re-Fuel™ will benefit from a competitively priced, cleaner, more efficient product that may also make them eligible for substantial carbon credits.

All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Radar's expectations are disclosed in the Radar's documents filed from time to time with the TSX Venture Exchange, the Alberta Securities Commission, and the British Columbia Securities Commission.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Radar Acquisitions Corp.
    Timothy J. Bergen
    (403) 262-3797 or Toll Free: 1-877-262-5888
    Email: tbergen@radar.ab.ca
    Ascenta Capital Partners Inc.
    Bryson Goodwin
    Investor Relations
    (604) 684-04743 ext 239 or Toll Free: 1-866-684-4209
    Email: bryson@ascentacapital.com