Edmonton, Alberta--(Newsfile Corp. - February 18, 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 entered into a series of shares for debt arrangements with various creditors for up to $6M at a deemed value of $0.11 per share. This includes $2.2M of conversion of secured debt from Akaura Holdings and an additional $1M of conversion of indebtedness into shares by Fillmore Construction Management. This is a part of the growing faith and confidence in the business prospects for Radient in 2021 and steps initiated by the new management to turn the business into a positive operating cash flow in 2021. It also forms a core part of the management strategy to de-lever Radient's balance sheet to position Radient to execute and deliver on its business plans. The management is committed to achieving this 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.
Radient will be providing a corporate update and close of its private placement announced Jan 20, 2021 shortly along with an update on its business activities and plans for 2021.
All securities issued in connection with the Offering are subject to a hold period expiring on June 17, 2021. Closing of the Offering remains subject to receipt of all necessary regulatory approvals, including final approval of the TSX Venture Exchange.
Option Grant
The Company would also like to announce that has granted a total 9.9M incentive stock options at an exercise price of $0.15 a share to certain of its directors, officers and members of the management team which include the CEO. Any shares issued on the exercise of its stock options will be subject to a four month hold period from the date of the grant. The stock option grants are subject to acceptance by 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.
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