Radient Technologies Inc V.RTI.H

RTI REC'D HEALTH CANADA LICENSE& PVT PLCMNT/20 MLNS UNITS@06

[Humanist]

Radient Receives Dried Cannabis Sales Licence from Health Canada and Announces Private Placement Financing

by @newsfile on 15 Dec 2021, 07:30
    
Edmonton, Alberta--(Newsfile Corp. - December 15, 2021) - Radient Technologies Inc. (TSXV: RTI) ("Radient" or the "Company"), a commercial manufacturer of diverse, novel and high-quality cannabis extracts and packaged products, is pleased to announce it has received from Health Canada an amendment to its Standard Processing Licence for the sale of dried and fresh cannabis products to authorized cannabis retailers and Sale for Medical Purposes licence holders. The Company has also received from Health Canada a Sale for Medical Purposes licence, allowing the Company to supply and sell cannabis products to patients who hold prescriptions from authorized healthcare providers.

"These amendments to our licence represent a significant milestone for the Company, allowing us to expand our offerings beyond our current extract products by bringing quality craft dried and fresh cannabis to the regulated market," commented Harry Kaura, CEO. "Dried cannabis sales are a large part of the Canadian cannabis market, representing approximately 64% of total cannabis sales according to a Canadian government report for the March 2021 reporting period. With these licence approvals, we are now able to sell high-quality products to the entire Canadian cannabis market for both medical and non-medical use."

The Company also announces that it intends to complete a non-brokered private placement financing of up to 20,000,000 units of Radient (the "Units") at a price of $0.06 per Unit for gross proceeds to the Company of up to $1,200,000 (the "Offering").

Each Unit will consist of one common share of the Company and one common share purchase warrant (each, a "Warrant"), with each Warrant entitling the holder to purchase one common share of the Company at $0.10 per share for a period of 18 months following the closing date of the Offering. The proceeds of the Offering are expected to be used for the Company's growth initiatives and general corporate purposes. The Offering is expected to close on or about December 31, 2021.

All securities issued by the Company in connection with the Offering will be subject to a statutory hold period of four months and one day. Completion of the Offering is subject to certain conditions, including TSX Venture Exchange approval.

In connection with the Offering, Radient may pay finder's fees in cash of up to 7% of gross proceeds of the Offering and finder's warrants ("Finder Warrants") in an amount of up to 7% of the Units sold pursuant to the Offering to eligible finders in accordance with the policies of the TSX Venture Exchange. Each Finder Warrant will entitle the holder thereof to purchase one common share of the Company at a price of $0.10 for a period of 18 months following the closing date of the Offering.

About Radient
Radient is a commercial manufacturer of diverse, novel and high-quality cannabis extracts and packaged products. 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 is focused on innovation with expertise in formulations and technologies offering unique solutions in the cannabis and wellness space. RadientInc.com
Contact Information:
Radient - Investor Relations
Harry Kaura, CEO & Director
[e-mail]
Ph: 780 465 1318
 

[CAinPlap]

Given current shareprice, I would expect this will need to be repriced. I would also want the runway on the warrants to be longer than 18 months.