Edmonton, Alberta--(Newsfile Corp. - April 20, 2023) - Radient Technologies Inc. (TSXV: RTI) ("Radient" or the "Company"), a commercial manufacturer of diverse, novel and high-quality cannabis extracts and packaged products, announces that it has closed the second and final tranche (the "Final Tranche") of its previously announced non-brokered private placement of up to 30 units (the "Offering"). For more information about the Offering and the closing of the first tranche, please see the Company's press releases dated June 17, 2022 and July 6, 2022, respectively, which are available under the Company's SEDAR profile at www.sedar.com.
Under the Final Tranche, Radient has issued 1 unit ("Unit") at a price of $40,000 for gross proceeds of $40,000. Each Unit consists of one million (1,000,000) common shares of the Company and five hundred thousand (500,000) common share purchase warrants (each, a "Warrant"), with each Warrant entitling the holder to purchase one common share of the Company at $0.07 per share for 36 months following the Final Tranche closing, subject to early expiry if, commencing four months after the Final Tranche closing, the common shares of the Company trade at a volume weighted average trading price of $0.15 or higher for a period of 20 consecutive days.
In connection with the Final Tranche, the Company paid aggregate finder's fees in accordance with the policies of the TSX Venture Exchange consisting of $3,200 in cash and the issuance of 0.08 non-transferrable Units.
Securities issued under the Final Tranche are subject to a hold period expiring on August 20, 2023. Closing of the Final Tranche remains subject to receipt of all necessary regulatory approvals, including final approval of the TSX Venture Exchange. The Company intends to use the net proceeds of the Final Tranche for working capital and general corporate purposes.
About Radient
Radient Technologies 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:
Steven Splinter, Interim CEO & Director
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 Final Tranche, including the Company's intended use of proceeds and closing conditions, and other matters related thereto. 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, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; risks associated with operation in the cannabis sector; and other risks inherent in the cannabis industry. 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.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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