Business Services Industry
Radisson Obtains $225,000 Debenture Financing From FSTQ
Business Wire, July 31, 1996
ROUYN-NORANDA, Quebec--(BUSINESS WIRE)--July 31, 1996--Radisson Mining Resources Inc. has just completed a $225,000 debenture financing through the "Fonds de solidarite des travailleurs du Qu bec" (FTQ).
The debenture is convertible into class A shares at $0.55 within five years and carries an annual interest of 14 percent payable twice per year in class A shares. The debenture is redeemable at all times by the Company and is accompanied by a certificate representing 409,091 purchase warrants.
Mr. Guy Parent, Radisson's President and Chief Executive Officer since last June, said the debenture issue will allow the Company to organize and complete financing of its activities through the next winter with most of the funds being put to development of the O'Brien property which contains, according to the resources' estimation, more than 300,000 ounces of gold and production could start within 18 months.
Radisson can earn a 50 percent interest in the O'Brien property by spending $3 million and issue 500,000 shares. A total of $1.3 million has already been spent and 200,000 shares issued. Afterwards, the O'Brien project will be a 50/50 joint venture with Breakwater Resources Ltd. and Radisson, the operator.
The O'Brien Mine, which has produced more than 600 000 ounces of gold in its lifetime, is located in a mining district where three of Quebec's largest gold producers, Barrick Gold, Cambior and Agnico Eagle, all within seven kilometres of the O'Brien property, have overall reserves of more than 12 million ounces of gold.
Radisson is also pleased to announce that Mr. Henri Lanctot has joined the board of directors since June 4, 1996. Mr. Lanctot is an associate in the Montreal legal firm of Lafleur Brown and has 20 years' experience as a legal counsellor to the mining community in Quebec.
CONTACT: Radisson Mining Resources
Roger Desloges, VP, Corporate Affairs
819/797-0606
INTERNET: http://www.rmradisson.ca
E-Mail: radisson@rmradisson.ca
or
Radisson Mining Resources
Guy Parent, President/CEO
819/797-0606
INTERNET: http://www.rmradisson.ca
E-Mail: gparent@rmradisson.ca
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