Edmonton, Alberta--(Newsfile Corp. - December 21, 2020) - Radient Technologies Inc. (TSXV: RTI) (OTCQX: RDDTF) ("Radient" or the "Company"), a global commercial manufacturer of high quality cannabinoid-based ingredients, formulations and products, announces that it has entered into a series of shares for debt agreements with various of its creditors under the terms and conditions noted below.
The Company has issued 14,352,161 common shares to third-party creditors in exchange for the settlement of $1,435,216 owed by the Company to such creditors. The Radient shares issued under this agreement have a deemed value of $0.10 per share.
Additionally, the Company has issued 651,233 common shares to a director in exchange for the settlement of $65,123 owed by the Company to the individual. The Radient shares issued under these agreements have a deemed value of $0.10 per share.
Securities issued under the above arrangements are subject to a 4 month hold period and TSX Venture Exchange approval. Radient will be providing further updates to the markets as additional creditors have expressed interest to convert their outstanding debt to shares along similar lines.
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, ir@radientinc.com
Forward Looking Information:
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the growth of the Company's business operations. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Radient, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although Radient has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Radient does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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