| ||October 07, 2009|
Radar Announces $500,000 Private Placement
| ||Calgary, AB -- October 7, 2009 -- Radar Acquisitions Corp. ("Radar") (TSXV: RAC), is pleased to announce that it intends to complete a non-brokered private placement of up to 5,882,353 units at a price of $0.085 per unit for gross proceeds of up to $500,000. Each unit will consist of one common share and one half of a common share purchase warrant. Each whole warrant is exercisable at $0.15 per common share for a period of one year from closing. A finder's fee of up to 8 percent of the gross proceeds of the private placement may be paid on all or any portion of this private placement. Additionally, finder's warrants exercisable into common shares of Radar may be issued in the amount of up to 8 percent of the number of units sold under this private placement. The finder's warrants will be exercisable into common shares at a price of $0.085 per common share for a period of one year from the date of issuance of the finder's warrants. It is not anticipated that any new insiders will be created, nor that any change of control will occur, as a result of the private placement. Closing of the financing is anticipated to occur by October 23, 2009.|
Proceeds of the private placement will be used to consider strategic acquisitions and for general operating purposes. The completion of the private placement is subject to regulatory approval.
Radar is also announcing that, subject to regulatory approval, it has granted 750,000 options to directors, officers and consultants of Radar with an exercise price of $0.12 and with an expiry date of October 5, 2014. The options vest as to 1/6th of the options granted every three months from the issuance date. After the issuance of these options, the Company still has 2,490,000 options available under its stock option plan.
About Radar Acquisitions Corp.
Radar is a natural resource development company focused on growth through the acquisition, exploration and development of coal resources and resource-related technologies. Radar has currently two major projects under development: the Buick Coal Project which holds significant coal resources in Colorado, USA (see the technical report entitled "Limon Lignite Project, Elbert County, Colorado, USA," dated October 26, 2007 and filed on SEDAR on November 2, 2007), and the RPS Fuels joint venture which develops engineered solid fuel products. Other coal and related opportunities continue to be evaluated on an ongoing basis. For more information about Radar, go to www.radar.ab.ca.
For Further Information:
Corporate Head Office:
Timothy J. Bergen, President
Toll Free: 1.877.262.5888
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that terms is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the company's disclosure documents on the SEDAR website at www.sedar.com. The company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
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