Radar Acquisitions Corp.
OTC Bulletin Board : RDAQF

Radar Acquisitions Corp.

July 12, 2007 19:40 ET

Radar Acquisitions Completes First Tranche of Private Placement

CALGARY, ALBERTA--(Marketwire - July 12, 2007) - Tim Bergen, President and CEO of Radar Acquisitions Corp. ("Radar") (TSX VENTURE:RAC) (OTCBB:RDAQF), is pleased to announce that Radar has completed the first tranche of its previously announced non-brokered private placement fnancing through the issuance of 1,640,000 units at a price of $0.25 per unit for gross proceeds of $410,000. Each unit consists of one common share and one half of one common share purchase warrant. Each whole warrant is exercisable at $0.45 per common share for a period of two years from closing. All of the securities issued in connection with this private placement are subject to a four-month hold period (until November 13, 2007). A finder's fee of $8,750 was paid on a portion of the funds raised from the first tranche of the financing and 35,000 finder's warrants were issued. The finder's warrants have an exercise price of $0.25 per share and are exercisable for 24 months from date of issuance.

Proceeds of the private placement will be used for lease maintenance and evaluation of the Colorado coal deposit; due diligence on the New Energy USA, LLC Letter of Intent described in the June 4, 2007, news release; repayment of short term debt; a reservation for working capital; and for general operating purposes. The completion of the second tranche of the private placement is expected to occur prior to August 1, 2007.

After giving effect to the first tranche of the private placement, Radar has 19,209,843 common shares issued and outstanding. The completion of the first tranche of the private placement is subject to final TSX Venture approval. Radar has determined that exemptions from the various requirements of TSX Venture Policy 5.9 and OSC Rule 61-501 are available for the issuance of the common shares.

Radar will continue to update shareholders on the progress of future corporate news, financings, and project developments. Management welcomes the opportunity to present detailed project information to shareholders or other interested parties.

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 Company's expectations are disclosed in the Company'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

  • Corporate Head Office:
    Radar Acquisitions Corp.
    Timothy J. Bergen, President
    (403) 262-3797 or Toll Free: 1-877-262-5888
    Email: tbergen@radar.ab.ca
    Investor Relations:
    Ascenta Capital Partners Inc.
    Rory Quinn
    (604) 684-4743 ext 226 or Toll Free: 1-866-684-4209
    Email: rory@ascentacapital.com