Radisson Mining withdraws $15.5-million prospectus

Citing “unfavorable market conditions,” Rouyn-Noranda, Que.-based Radisson Mining Resources (rds-m) is withdrawing its current prospectus, which qualified the offering of its securities for a maximum of $15.5 million.

Deacon Capital and Whalen, Bliveau & Associates were acting as underwriters.

Radisson is also calling a special shareholders meeting to propose consolidating its shares on a 4-for-1 basis.

The company’s chief asset is an option to earn from Breakwater Resources (BWR-T) a 50% interest in the O’Brien gold property, a past producer 50 km east of Rouyn-Noranda in Cadillac Twp. To obtain the interest, Radisson must spend $3 million on exploration and issue 500,000 shares to Breakwater by spring 1999.