Quebec-based Radisson Mining Resources (ME) has made a public offering of flow-through shares in order to raise $1.8 million. The proceeds will be used to develop the past-producing O’Brien mine near Rouyn-Noranda, Que.
A total of 1,800 units is being offered, each of which consists of 85% flow-through shares and 15% category A shares.
“This financing will move us into preproduction at the O’Brien mine,” says Guy Parent, executive vice-president of Radisson. The mine has proven and probable reserves of 200,000 tons averaging 0.18 oz. gold per ton plus some indicated gold resources.
Radisson can earn a half interest in the O’Brien mine from Breakwater Resources (TSE).
The financing will enable Radisson to begin bulk sampling at the O’Brien, and complete a feasibility study within two years. The company also intends to explore its other gold properties in northern Quebec, including Massicotte, Lac Gignac and Joutel.
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