Radisson Mining Resources Inc.
TSX VENTURE : RDS

Radisson Mining Resources Inc.

December 11, 2006 12:03 ET

Radisson Announces the Closing of a Private Placement of $200,000 with the MineralFields Group

ROUYN-NORANDA, CANADA--(CCNMatthews - Dec. 11, 2006) - Radisson Mining Resources Inc. (TSX VENTURE:RDS) is pleased to announce the closing of a private placement with MineralFields Group of 800,000 units at a price of $0.25 per unit for a total amount of $200,000. Each unit is comprised of one flow through common share and one warrant, each warrant entitling its holder to purchase one common share of Radisson Mining Resources Inc. ("Radisson") at the price of $0.40 within a period of 24 months from the date of the issuance.

Limited Market Dealer Group received a finder's fee of 5% of the number of units subscribed for in the form of shares and a finder's fee non-transferable warrant (on the same terms as the warrant comprised in the unit) equal to 10% of the number of units subscribed for. Limited Market Dealer Group also received a corporate finance work fee of 5% of the total proceed of the units.

The flow through common share and the warrant contained in the unit and the underlying common shares to the warrants will be subject to a resale restriction for a period of four months and one day following the closing date.

The gross proceeds of the offering of the units will be used for exploration work on the property of Radisson located in the Dryden area in North Western Ontario and on the O'Brien property located in North Western Quebec.

This private placement and the issuance of the units are subject to the approval of the TSX Venture Exchange.

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 most advanced and also Radisson main asset is the former O'Brien mine property in Cadillac Township, Quebec. This mine produced 587,521 ounces of gold (1926 - 1956) from 1.3 million short tons at an average grade of 0.467 ounces of gold short ton.

Surface and underground infrastructure are still in place on these properties as well as 200 tons per day gold mill.

About MineralFields

MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar limited partnerships to investors throughout the world. Information about the MineralFields Group is available at www.mineralfields.com.

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

Contact Information

  • Radisson Mining Resources Inc.
    Donald Lacasse, ing.
    President and Chief Executive Officer
    819-797-0606
    or
    Radisson Mining Resources Inc.
    Gus Garisto
    Investor relations
    416-607-6023