Radar Acquisitions Corp.

Radar Acquisitions Corp.

September 12, 2008 16:50 ET

Radar Acquisitions Corp. Announces Completion of Final Tranche of Financing

CALGARY, ALBERTA--(Marketwire - Sept. 12, 2008) - Radar Acquisitions Corp. ("Radar") (TSX VENTURE:RAC), is pleased to announce that Radar has completed the second and final tranche of a non-brokered private placement of 96,000 units at a price of C$0.22 per unit for gross proceeds of C$21,120. Combined with the first tranche, which closed on August 22, 2008, the total gross proceeds raised from both tranches of the private placement is $1,068,870 from the issuance of 4,858,500 units. Each unit consists of one common share and one half of a common share purchase warrant. Each whole warrant is exercisable at C$0.33 per common share for a period of one year from closing. The private placement was increased from the amount disclosed in Radar's press release dated July 29, 2008 from 3,204,545 units to 4,858,500 units or an increase of total gross proceeds form $704,999 to $1,068,870.

Total finder's fees of $1,689.60 and 7,680 finder's options were issued in relation to the second tranche of the private placement, with each finder's option being exercisable into a common share at a price of $0.22 per common share for a period of one year from the date of issuance of the option.

Proceeds of the private placement will be used for advancing projects for the Radar/New Energy USA, LLC, joint venture; continued lease maintenance and for general operating purposes. The final tranche of the private placement is subject to final TSX Venture approval. The securities issued pursuant to the private placement are subject to a four month hold (until January 11, 2009).

Timothy Bergen CEO says, "Under the current market conditions we are very pleased that we were able to oversell our original finance target by more than 30 percent as not only a result of continued support from our current shareholder base, but also the addition of new investors. Clearly our shareholders believe in Radar's business plan and the potential for significant growth as we pursue financial feasibility on a number of Re-Fuel project sites and work towards our goal of putting our first Re-Fuel plant into production by the end of this fiscal year."

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 waste and biomass.

Re-Fuel™ will benefit the environment through the reclamation of coal waste 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.

This press release may contain "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "proposed", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Radar's current beliefs and is based on information currently available to Radar and on assumptions Radar believes are reasonable. These assumptions include, but are not limited to, the quality and amount of waste coal being used to supply the Re-Fuel™ technology being consistent with sample testing results, the amount of waste coal being consistent with historical estimates and the ability of RPS to build Re-Fuel™ production facilities within timelines and costs budgeted by RPS. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Radar, its subsidiaries or RPS to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the early stage development of Radar, RPS, Re-Fuel™ and the Re-Fuel™ technology; general business, economic, competitive, political and social uncertainties; uncertainties as to market acceptability of Re-Fuel™ and the Re-Fuel™ technology; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, Re-Fuel™ and the Re-Fuel™ technology; timing and availability of external financing on acceptable terms; not realizing on the potential benefits of Re-Fuel™ and the Re-Fuel™ technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Radar has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Radar does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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. Corporate Head Office:
    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) 684-4743 ext 239 or Toll Free: 1-866-684-4209
    Email: bryson@ascentacapital.com