| ||February 01, 2010|
Radar Acquisitions Corp. Corporate Update
| ||Calgary, AB -- February 1, 2010 -- Radar Acquisitions Corp. ("Radar" or the "Company") (TSXV: RAC) is pleased to provide a corporate update on its operations and its Reverse Take-Over transaction previously announced on December 2, 2009.|
Coal Mine Operations
On November 27, 2009, Radar, through its 49% owned subsidiary RAC Mining LLC ("RAC"), started coal operations on its Alabama mining properties and is pleased to report that, in its first month of operations, RAC sold 5,180 tons of coal. Sales were comprised of 3,804 tons of metallurgical coal and 1,376 tons of steam coal, both of which were sold into the local market under the term of existing off-take agreements. RAC Mining is currently focused on building additional mine infrastructure and increasing production. Additional heavy equipment (1 Komatsu D475 dozer, 1 Komatsu PC 1800 excavator and 2 Komatsu HD 785 100 ton rock trucks) is expected to be delivered to the mine site within the next 45 days which will allow RAC to increase production in the next few months.
Reverse Take-Over (the "Transaction")
The parties to the Transaction, Radar and the vendors, continue to work towards a definitive purchase agreement (a "Definitive Agreement") and the main focus of the work effort is on progressing the concurrent financing.
The entry into a Definitive Agreement is subject to a number of conditions, including, but not limited to: (i) the terms and conditions of the Definitive Agreements being mutually satisfactory to the parties to it including Radar; (ii) unanimous approval by the board of directors of Radar to the Transaction and to the form of the Definitive Agreement; (iii) the parties satisfactorily conducting and completing their investigations and due diligence with respect to each other party and their respective assets and businesses; and (iv) compliance with all applicable securities and corporate laws including reverse take-over and other policies of the TSXV.
Trading of Radar's common shares will remain halted in accordance with TSXV policies until all required documentation with respect to the Transaction has been received by the TSXV, including receipt of a sponsorship acknowledgement form with respect to a sponsor for the transaction.
For further information regarding the contents of this news release please contact:
Radar Acquisitions Corp.
President & CEO
Toll Free: 1.877.262.5888
Completion of the Transaction is subject to a number of conditions, including the execution of Definitive Agreements, successful completion of due diligence, disinterested Shareholder approval and TSX Venture Exchange acceptance,. The transaction cannot close until the required Shareholder approval and TSX Venture Exchange acceptance is obtained. There can be no assurance that the transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the Information Circular to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Radar should be considered highly speculative.
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term 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.
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
This news release will not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. Such securities have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States, or to a U.S. person, absent registration, or an applicable exemption therefrom.
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