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EDMONTON, June 2, 2015 /CNW/ - Radient Technologies Inc. ("Radient" or the "Corporation") (TSX Venture: RTI) announces that it has completed the second tranche of its non-brokered private placement (the "Offering") of units of the Corporation (the "Units") previously announced on April 16, 2015. Under the second tranche of the Offering, the Corporation issued and sold 500,000 Units for aggregate gross proceeds of $50,000. 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.
The proceeds of the Offering will be used for product development, capital expenditures and general working capital purposes.
On the completion of the second tranche of the Offering, the Corporation paid a finder's fee comprised of a cash commission of $4,000 and 40,000 finder Common Share purchase warrants (the "Finder Warrants"). Each Finder Warrant is exercisable for one Common Share at a price of $0.10 per Common Share until the date that is 24 months from date of issuance of such Finder Warrant. All securities issued in connection with the Offering are subject to a statutory four-month hold period. The Corporation is expected to close additional tranches of the Offering, subject to the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.
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 information and 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 terms and phrases "goal", "commitment", "guidance", "expects", "would", "will", "continuing", "drive", "believes", "indicate", "look forward", "grow", "outlook", "forecasts", "intend", and similar terms and phrases are intended to identify these forward-looking statements, including but not limited to statements regarding the use of proceeds of the Offering. The Corporation cautions that all forward looking information and 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 ability to complete the proposed Offering or any additional tranches and the future use of the proceeds by the Corporation. 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.