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Radisson Mining Resources has closed a $25-million bought-deal flow-through financing to fund a deeper extension of its drill program at the O'Brien gold project in Quebec's Abitibi region, southeast of Rouyn-Noranda.
The company issued 18,115,797 charity flow-through shares at $1.38 apiece — including 2,174,000 shares under a fully exercised over-allotment option — for gross proceeds of $24,999,800. The offering was led by a syndicate of underwriters under ATB Cormark Capital Markets. Cash commissions totalled $1,316,792.99, paid from the company's existing cash and calculated at 6% of proceeds outside the president's list and 3% on president's-list subscribers. Final acceptance from the TSX Venture Exchange remains pending.
"With this financing completed, we can now plan the expansion and extension of our drilling through to the end of 2027, manage our capital resources more efficiently with our flow-through eligible exploration expenditures, and establish a strong treasury to support project development activities and project de-risking," said president and CEO Matt Manson. "In particular, our step-out drilling ambition is to go deeper. Until now, our exploration horizon has been to a floor of 2 kilometres depth. Results to date indicate extensive gold mineralization with good continuity beneath the former mine and the current mineral resources to at least 1.9 kilometres depth. We now intend to extend our exploration to a depth of 2.5 kilometres with new deep drilling and directional wedging."
Radisson expanded its deep step-out drill program at O'Brien in October 2025 to what will eventually be 140,000 m using up to eight rigs. An interim mineral resource update released in March 2026 showed meaningful growth. The new financing is earmarked entirely for Canadian exploration expenses on O'Brien, including drilling beyond the scope of the current program, and the company must incur those qualifying expenditures by December 31, 2027, with renunciation to subscribers effective by December 31, 2026.
O'Brien sits in the Bousquet-Cadillac mining camp along the Larder Lake-Cadillac Break. The July 2025 PEA outlined an 11-year mine life leveraging existing regional infrastructure. The project's current resource stands at 0.63 million ounces indicated (3.49 Mt at 5.59 g/t Au) and 1.69 million ounces inferred (10.37 Mt at 5.08 g/t Au). Radisson's head office is in Rouyn-Noranda.