VANCOUVER, May 3 /CNW/ - Radius Gold Inc. (TSX-V: RDU) - Radius Gold is pleased to announce that it has negotiated, subject to stock exchange approval, a non-brokered private placement of up to 5,556,000 flow-through common shares at $0.45 per share, for gross proceeds of up to $2,500,200.
A finder's fee may be paid on a portion or all of the placement. The finder's fee will consist of 5% cash or shares, and 5% warrants, each warrant entitling the holder to purchase one common share at $0.50 exercisable for one year.
The net proceeds of the financing will be used for exploration of the Company's Sixty Mile Property in the Yukon Territory.
Radius Gold Inc. 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 two carried, small-scale gold productions in Guatemala and Nicaragua. Radius also has two 100% owned exploration plays in Guatemala and the Yukon, with drilling campaigns for 2010/11 in the planning stages.
ON BEHALF OF THE BOARD
Simon Ridgway, President & CEO
Investor relations: Ralph Rushton/Erin Ostrom
Symbol: TSXV-RDU; OTCBB-RDUFF
Shares Issued: 53.6-million
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
SOURCE Radius Gold Inc.
For further information: For further information: on Radius Gold Inc. and its properties, please call toll free 1-888-627-9378 or visit our web site (www.radiusgold.com)