Radar Acquisitions Corp.

Radar Acquisitions Corp.

September 09, 2009 09:00 ET

Radar Announces Completion of $1,234,980 Private Placement

CALGARY, ALBERTA--(Marketwire - Sept. 9, 2009) - Radar Acquisitions Corp. ("Radar") (TSX VENTURE:RAC), is pleased to announce that Radar has completed a non-brokered private placement of 30,874,500 units at a price of C$0.04 per unit for gross proceeds of C$1,234,980. Each unit consists of one common share and one common share purchase warrant. Each whole warrant is exercisable at C$0.07 per common share for a period of one year from closing. The private placement was increased from the amount disclosed in the press release of Radar dated August 6, 2009 from 27,500,000 units to 30,874,500 units or an increase of total gross proceeds from $1,100,000 to $1,234,980.

As previously announced, insiders participated in the private placement pursuant to crosses which occurred on the TSX Venture Exchange on August 31, 2009 and September 1, 2009. In addition, insiders also participated through regular subscription of additional units of Radar. In total, insiders acquired 5,150,100 units for total gross proceeds of $206,000.

Total finder's fees of $61,942.40 and 1,935,700 finder's warrants were issued with each finder's warrant being exercisable into a common share at a price of $0.05 per common share for a period of one year from the date of issuance of the warrant.

Tim Bergen, CEO of Radar, said "Under the current market conditions we are very pleased that we were able to oversell our original finance target as a result of continued support from our current shareholder base but also the addition of new investors." Proceeds of the private placement will be used to execute on Radar's acquisition strategy, continued lease maintenance and for general operating purposes.

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 9, 2010). In relation to the insiders who participated in the private placement as set forth above, the Corporation has determined that there are exemptions available from the various requirements of TSX Venture Policy 5.9 and Multilateral Instrument 61-101 for the issuance of these units (Formal Valuation - Issuer Not Listed on Specified Markets; Minority Approval - Fair Market Value Not More Than 25% of Market Capitalization). No new insiders were created as a result of this private placement.

About Radar Acquisitions Corp.

Radar is a natural resource development company focused on growth through the acquisition, exploration and development of coal resources and resource-related technologies. Radar has currently two major projects under development: the Buick Coal Project which holds a significant coal deposit in Colorado, USA, and the RPS Fuels joint venture which develops engineered solid fuel products. Other coal and related opportunities continue to be evaluated on an ongoing basis. For more information about Radar, go to www.radar.ab.ca.

This news release may contain certain forward-looking information. All statements included herein, 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 the company's disclosure documents on the SEDAR website at www.sedar.com. The company does not undertake to update any forward-looking information except in accordance with applicable securities laws.

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.

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