Radius delays drilling

Junior Radius Explorations (RDU-V) has delayed the start of drilling at its wholly owned Tambor gold project in central Guatemala.

The company is awaiting the close of a $2-million investment by Gold Fields (GOLD-Q), which has agreed to buy 1.9 million units of Radius at $1.05 apiece. A unit consists of one share and a warrant exercisable at $1.25 for one year. The placement is subject to legal and technical due diligence by Gold Fields.

Upon closing, the South African major will own a 12.5% stake in Radius and be entitled to elect one member to the board of directors.