press release
I think this is a good thing. They must have something going to be able to raise funds.
Mr. David Williams reports
RADIANT ANNOUNCES DEBENTURE OFFERING
Radiant Energy Corp. has received conditional approval from the TSX Venture Exchange to proceed with an offering of up to $1,325,000 in total principal amount of secured debentures maturing two years from the date of their issue, with an interest rate of 12 per cent per annum. The new debentures will be secured by the assets of Radiant Energy and its United States operating subsidiary, Radiant Aviation Services Inc. Radiant Energy shall have the option, under certain conditions, to pay interest owing pursuant to the new debentures in common shares of Radiant Energy. Additionally, as a bonus to subscribers for the new debentures, Radiant Energy will issue four of its common shares to subscribers for every $1 invested in the new debentures. Radiant Energy currently anticipates closing occurring on or about Aug. 7, 2009.
As part of the offering, Radiant Energy has agreed to exchange its outstanding Series F secured convertible debentures for new debentures in the total principal amount of $325,000. The holders of the Series F debentures will participate in the offering on the same terms and conditions as all other investors.
The net proceeds of the offering will be used to address Radiant Energy's immediate working capital needs while it continues to further its marketing and sales initiatives in respect of its Radiant Energy deicing systems. The infusion of cash and elimination of the Series F debentures are expected to have initial short-term benefits, but Radiant Energy's business and affairs are not otherwise expected to be significantly impacted by the offering.
The offering is subject to the final approval of the TSX Venture Exchange. The bonus shares issued in conjunction with the offering will be subject to a four-month hold period under applicable securities laws and the policies of the TSX Venture Exchange.
We seek Safe Harbor.