Radar Acquisitions Corp.

Radar Acquisitions Corp.

December 29, 2006 12:41 ET

Radar Announces Completion of Private Placement

CALGARY, ALBERTA--(CCNMatthews - Dec. 29, 2006) - Radar Acquisitions Corp. (TSX VENTURE:RAC) ("Radar"): Further to a Press Release issued September 28, 2006, Timothy J. Bergen, President and Chief Executive Officer of Radar announces that Radar completed the closing of a non-brokered private placement of 284,500 units at a price of $0.70 per unit for gross proceeds of $199,150. Each unit consists of one non-flow through common share, one common share issued on a "flow-through" basis and one half of one non-flow-through common share purchase warrant. Each whole warrant is exercisable at $0.50 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 April 30, 2006). Proceeds of the private placement will be used as follows: 100% of the proceeds from flow-through shares will be used for the exploration of Radar's Carbondale Hill Project in Southern Alberta (see News Release dated August 24th, 2006). In addition, 100% of the proceeds from non-flow-through shares will be used for general operating activities and project development.

After giving effect to the private placement, Radar has 17,369,843 common shares issued and outstanding. 189,500 of the units, which were purchased by John Bergen, a director of Radar, were part of a Gypsy Swap by Wolverton Securities Ltd. pursuant to crosses which occurred on the TSX Venture Exchange on November 23, 2006. Pursuant to the Gypsy Swap, Wolverton received a finder's fee of $10,612 and a 2 year's finder's option to purchase 18,950 units at a price of $0.70 per unit, each unit consisting of 2 common shares and one half of one common share purchase warrant, with each whole common share purchase warrant exercisable at a price of $0.50 per common share for a period of 2 years from closing. No new insiders were created as a result of the Gypsy Swap. The completion of the private placement is subject to final TSX Venture approval. Radar has determined that exemptions from the various requirements of TSX Venture Policy 5.0 and OSC Rule 61-501 are available for the issuance of the units.

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.

Foreign Purchase Information:
CUSIP # 7499231
IBM Security Code - 565656
Stock Symbol RAC on the TSX Venture Exchange

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

  • Radar Acquisitions Corp.
    Peter Leger (Corporate Information)
    (403) 262-3797 or Toll Free: 1-877-262-5888
    Email: pleger@radar.ab.ca
    Radar Acquisitions Corp.
    Gordon Beach (Investor Inquiries)
    Broker/Investor Communications
    (403) 262-3797 or Toll Free: 1-877-262-5888
    (403) 233-2344 (FAX)
    Email: gbeach@radar.ab.ca