RDT closes $1.3 financingGood sign of things to come. Radiant received a loan in January for $300,000 from an insider who converted to common today and raised another $1 million with new investors.
Radiant Energy raises $1-million, settles $300,000 debt
2009-02-11 13:48 ET - News Release
Mr. Larrie Shepherd reports
RADIANT ANNOUNCES CLOSING OF PRIVATE PLACEMENT AND SETTLEMENT OF DEBT
Radiant Energy Corp. has closed its brokered private placement by Brant Securities Ltd. of 21.24 million common shares for gross proceeds of $1,062,000.
In addition to the 8-per-cent cash commission payable on the sale of 19.24 million common shares sold pursuant to the private placement, Brant Securities and its subagent were issued a total of 1,539,200 agent's options. Each agent's option entitles the holder to purchase one common share of the company at a price of five cents per share for a period of 18 months following the closing. The securities issued in conjunction with the offering are subject to four-month hold periods under applicable securities laws and the policies of the TSX Venture Exchange expiring June 12, 2009.
Concurrently with the closing of the private placement and as previously announced, the company has also settled an existing unsecured loan in the total principal amount of $300,000 for the issuance of six million common shares. The common shares issued on the settlement are subject to a four-month hold period expiring June 12, 2009.
Larrie Shepherd, president and chief executive officer of Radiant, noted: "The proceeds from the private placement will provide Radiant with additional working capital to exploit the opportunities in the airline industry, which is taking steps to operate in a more environmentally sensitive manner. Radiant's Deicing System is well positioned to take advantage of these opportunities