/NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES/
EDMONTON, Feb. 19, 2015 /CNW/ - Radient Technologies Inc. ("Radient" or the "Corporation") (TSX Venture: RTI) announces that it is increasing its non-brokered private placement (the "Offering") of units of the Corporation (the "Units") previously announced on December 12, 2014 to increase the maximum aggregate gross proceeds of the Offering from $750,000 to $777,980 and that it has completed the third and final tranche of the Offering.
Under the third tranche of the Offering, the Corporation issued and sold 3,714,800 Units for aggregate gross proceeds of $371,480. Each Unit is comprised of one common share of the Corporation (a "Common Share") and one half Common Share purchase warrant (each whole warrant, a "Warrant"), with each whole Warrant entitling the holder to subscribe for one additional Common Share at a price of $0.50 per Common Share until the date that is 42 months from the date of issuance of such Warrant.
Pursuant to the Offering, the Corporation issued a total of 7,779,800 Units at a price of $0.10 per Unit for aggregate gross proceeds of $777,980. The proceeds of the Offering will be used for general working capital purposes. All securities issued in connection with the Offering are subject to a statutory four-month hold period.
Radient extracts natural compounds from a range of biological materials using microwave assisted processing (MAP™), a patented technology platform which provides superior customer outcomes in terms of ingredient purity, yield, and cost. From its 20,000 square foot manufacturing plant in Edmonton, Alberta, Radient serves market leaders in industries that include pharmaceutical, food, beverage, natural health, personal care and biofuel markets. Visit www.radientinc.com for more information.
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Corporation cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Corporation's control. Such factors include, among other things: risks and uncertainties relating to the Corporation's use of the proceeds from the Offering. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, the Corporation undertakes no obligation to publicly update or revise forward-looking information.
This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The shares offered will not be and have not been registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.
Neither 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.
SOURCE Radient Technologies Inc.
For further information: Contacts: Denis Taschuk, Chief Executive Officer, [email protected], (780) 465-1318; Randy Fries, Chief Financial Officer, [email protected], (780) 465-1318; Mike Cabigon, Chief Operating Officer, [email protected], (780) 465-1318