Radisson Mining Resources Inc.

Radisson Mining Resources Inc.

May 15, 2006 08:52 ET

Radisson Closes a Private Placement of $1,207,500

ROUYN-NORANDA, QUEBEC--(CCNMatthews - May 15, 2006) - Radisson Mining Resources Inc. (TSX VENTURE:RDS) is pleased to announce it has completed a private placement of $1,207,500 through Union Securities Inc.

A total of 3,450,000 Units were subscribed at a price of $0.35 per Unit. Each Unit consists of one common share and one common share purchase warrant, each warrant entitling the holder to purchase one common share at a price of $0.45 for a period of 24 months following the closing date.

In connection with the placement, Union Securities Ltd. received a fee of 8% of the proceeds of the sale of the Units and 345,000 Broker warrants, each of them entitling it to acquire one Unit upon the same terms as the subscribers to the private placement within 24 months following the closing date.

The common shares and the warrants comprised in the Units and the underlying common shares to the Broker warrants will be subject to a resale restriction for a period of four months and one day following the closing date.

The proceeds of the offering of the Units, after deduction of the issuance costs, will be used for the development of the O'Brien/Kewagama properties of Radisson in Quebec and for working capital.

About Radisson

Radisson is a Quebec based mining exploration company focused on the discovery of gold, molybdenum and base metal deposits. It has interests in nine properties in North-Western Quebec and five properties in North-Western Ontario. The O'Brien and Kewagama properties are the core assets of Radisson with a gold resource of over 300,000 ounces of gold calculated prior to the entering into force of National Instrument 43-101. Surface and underground infrastructure are still in place on these properties as well as a 200 tons per day gold mill.

The TSX Venture Exchange does not accept any responsibility for the adequacy or the accuracy of this press release.

Contact Information

  • Radisson Mining Resources Inc.
    Donald Lacasse, P. Eng.
    President and Chief Executive Officer
    (819) 797-0606