Edmonton, Alberta--(Newsfile Corp. - March 16, 2021) - Radient Technologies Inc. (TSXV: RTI) (OTC Pink: RDDTF) ("Radient" or the "Company"), a manufacturer of high quality cannabinoid based formulations and products, announces that it has closed its previously announced non-brokered private placement (the "Offering"). The Company has issued 14,425,000units (the "Units") at a price of $0.10 per share for gross proceeds of $1,442,500 to bring the total close to $2,995,500. 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 $83,700 in cash.
Radient also announces that it has closed the first series of shares for debt arrangements with various creditors for up to $1.8M at a deemed value of $0.10 per share. In addition, Radient has also announced an additional tranche for shares for debt for approximately $6M at a deemed value of $0.105 per share. The conversion of debt to shares continues to indicate the growing faith and confidence in the business prospects of the Company. This is on the back of a ramp in sales revenues expected in 2021 as guided by the management in its last corporate update. The growth is resulting from Radient's product sales and growing demand for Cannabis 2.0 products.
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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