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January 2, 2008 News from the desk of Ken Murton
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RADISSON MINING ANNOUNCES CLOSING OF
PLACEMENT OF FLOW-THROUGH SHARES
• Today, Radisson Mining Resources confirmed
its completion of the non-brokered private placement, announced on December 21,
2007, of an aggregate of 2,500,000 class A shares (the "Shares") in
the capital of the Company with each Share to be issued as a "flow-through
share" as defined in the Income Tax Act (Canada) (a "Flow-Through
Share") at $0.40 (Canadian) per Flow-Through Share for aggregate gross
proceeds of up to CDN$1,000,000 (the "Flow-Through Offering").
100% of the gross proceeds of the Flow-Through
Shares sold under the Flow-Through Offering will be used for Canadian
exploration expenses (within the meaning of the Income Tax Act (Canada)) (the
"Tax Act") which qualify as "flow-through mining
expenditures" for purposes of the Tax Act related to the Company's
exploration projects in Ontario and Quebec, Canada. The Company will renounce
such Canadian exploration expenses with an effective date of no later than
December 31, 2007.
Subscription agreements have been received for
the full issue of 2,500,000 Shares of which 50% has been subscribed by two
directors of the Company and the balance of the issue has been subscribed by
non-insiders of the Company. The two directors who participated in this
financing are Dale M. Hendrick, Chairman of the
Board, who subscribed for 500,000 Shares, i.e. 20% of the placement, and
Kenneth G. Murton, President and CEO of the Company,
who subscribed for 750,000 Shares, i.e. 30% of the placement. The completion of
this private placement will not result in any change in the control of the
Company.
• We should be pleased to answer any
questions you may have with regard to our exploration and development plans.
Sincerely,
Ken Murton
President/CEO
Tel: 416-920-2748
kmurton@radissonmining.com
www.radissonmining.com
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