TSXV:RTI.H - Post by User
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Humaniston Mar 16, 2021 8:56am
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RTI CLOSED PVT PLACEMENT OF -3 MLNS PREV ANNOUNCED DEAL
RTI CLOSED PVT PLACEMENT OF -3 MLNS PREV ANNOUNCED DEALRadient Technologies Announces Close of Private Placement and Shares for Debt arrangements by @newsfile on 16 Mar 2021, 07:30 Edmonton, Alberta--(Newsfile Corp. - March 16, 2021) - Radient Technologies Inc. (TSXV: RTI) (OTC Pink: RDDTF) ("Radient" or the "Company"), a manufacturer of high quality cannabinoid based formulations and products, announces that it has closed its previously announced non-brokered private placement (the "Offering"). The Company has issued 14,425,000 units (the "Units") at a price of $0.10 per share for gross proceeds of $1,442,500 to bring the total close to $2,995,500. The Company intends to use the net proceeds of the Offering for growth initiatives and general corporate purposes. In connection with the Offering, the Company paid finders' fees of $83,700 in cash.
Radient also announces that it has closed the first series of shares for debt arrangements with various creditors for up to $1.8M at a deemed value of $0.10 per share. In addition, Radient has also announced an additional tranche for shares for debt for approximately $6M at a deemed value of $0.105 per share. The conversion of debt to shares continues to indicate the growing faith and confidence in the business prospects of the Company. This is on the back of a ramp in sales revenues expected in 2021 as guided by the management in its last corporate update. The growth is resulting from Radient's product sales and growing demand for Cannabis 2.0 products.
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