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, 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.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/72563
