| ||Vancouver, Canada: Mr. Simon Ridgway reports that Radius Gold Inc. has negotiated a non-brokered private placement of up to 5,400,000 flow-through common shares at $0.65 per share, for gross proceeds of up to $3,510,000. |
The Company has agreed to allocate a portion of the offering to subscribers found by Axemen Resource Capital Ltd. The Company will pay finder's fees equal to 5% of subscription amounts found, payable in cash or shares, plus finder's warrants in an amount equal to 5% of shares subscribed for, with each such finder's warrant exercisable into one common share of the Company at a price of $0.70 for 18 months from closing.
Closing of the financing is anticipated to occur on or before December 6, 2010 and is subject to receipt of TSX Venture Exchange acceptance. Securities issued under the private placement will be subject to a hold period which will expire four months and one day from the date of closing.
The net proceeds of the financing will be used for exploration of the Company's Sixty Mile property in Yukon territory and its other Yukon properties.
Radius has been exploring for gold in Latin America for nearly a decade, and has assembled interests in a portfolio of promising gold projects throughout the region, including carried stakes in two small-scale developing gold projects in Guatemala and Nicaragua. Radius also has two 100% owned exploration plays, the HB property in Guatemala and the Sixty Mile property in the Yukon Territory.
For further information on Radius and its properties, please call toll free 1-888-627-9378 or visit our new web site (www.radiusgold.com).
ON BEHALF OF THE BOARD
Simon Ridgway, President & CEO
Investor relations: Ralph Rushton / Erin Ostrom
Symbol: TSXV-RDU; OTCBB-RDUFF
Shares Issued: 73.6-million
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Radius Gold Inc. Actual results may differ materially from those currently anticipated in such statement.
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