Radient Technologies Inc RDDTF

RTI ANNOUNCES CLOSED tranche of pvt placement

[Humanist]

Radient Technologies Announces Close of Subsequent Tranche of Private Placement and Shares for Debt Arrangements

 by @newsfile on 21 Jan 2021, 18:30
  
Edmonton, Alberta--(Newsfile Corp. - January 21, 2021) -  Radient Technologies Inc. (TSXV: RTI) (OTCQX: RDDTF) ("Radient" or the "Company"), a manufacturer of high-quality cannabinoid based formulations and products, announces that it has closed a subsequent tranche of its previously announced non-brokered private placement (the "Offering"). The Company has issued 7,480,000 shares at a price of $0.10 per share for gross proceeds of $748,000. 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 $27,790 in cash. The Company had earlier announced a private placement of up to $4M at a price of $0.10 a share on October 09, 2020 and closed a first tranche of $905,000 on November 30, 2020. Management and Directors have subscribed for an aggregate of 4,150,000 of the shares issued in the private placement indicating confidence and support to the strategy being implemented by the Company.

Radient also announces that it will be entering into a series of shares for debt arrangements with various creditors for up to $1.8M at a deemed value of $0.10 per share showing faith and confidence in the business prospects of the Company. This is on the back of a ramp up of sales revenues expected in 2021 resulting from Radient's product sales and growing demand for Cannabis 2.0 products.

All securities issued in connection with the Offering are subject to a statutory hold period of 4 months and a day from the date of issuance. Closing of the Offering remains subject to receipt of all necessary regulatory approvals, including final approval of the TSX Venture Exchange.

About Radient
Radient Technologies is an innovative science-based company that is a commercial manufacturer of high-quality cannabinoid based formulations, ingredients and products. Utilizing a proprietary extraction and downstream processing platform that recovers up to 99% of cannabinoids from the cannabis plant, Radient develops specialty products and ingredients that contain a broad range of cannabinoid and terpene profiles while meeting the highest standards of quality and safety. Radient also has a science lab that is focused on innovation with expertise in formulations and technologies offering unique solutions in the cannabis and wellness space. Please visit www.radientinc.com for more information.

SOURCE: Radient Technologies Inc.
For further information please contact:
Radient - Investor Relations, [e-mail]