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Edmonton, Alberta – (Newsfile Corp. – December 31, 2021) – Radiant Technologies inc. (TSX Venture Exchange: RTI) (“Radient” or the “Company”), a commercial manufacturer of high quality, new and miscellaneous cannabis extracts and packaged products, announces that it has increased and completed its previously announced non-middleman private placement financing ( the “Offer”). For more information on the Offering, please see the Company’s press release dated December 15, 2021, which is available under the Company’s profile on SEDAR at www.sedar.com. Pursuant to the offering, the Company issued 20,880,714 units (the “Units”) at a price of $ 0.06 per unit for gross proceeds of $ 1,252,842. Each unit consists of one common share of the Company and one common share purchase warrant, each warrant entitling its holder to purchase one common share of the Company at $ 0.10 per share at any time before June 30, 2023. The Company intends to use the net proceeds of the offering for growth initiatives and general corporate purposes. No intermediation commission was paid in connection with the Offer.
Certain insiders of the Company directly or indirectly purchased a total of 12,014,988 Units under the Offering for gross proceeds of $ 720,899. Such participation is considered to be a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of holders of minority securities in special transactions (“MI 61-101”). The Company relies on the exemptions from the assessment and minority shareholder approval requirements of NI 61-101 contained in Sections 5.5 (a) and 5.7 (1) (a) of NI 61-101, respectively, as The fair market value of the participation in the private placement by insiders does not exceed 25% of the market capitalization of the Company, as determined in accordance with NI 61-101. The company did not file a material change report at least 21 days before the closing of the offering, as the details of insider involvement were not settled until shortly before the closing and the company wanted to close the offering of. accelerated manner.
All securities issued in connection with the offering are subject to a legal hold period expiring on May 1, 2022. Completion of the offering remains subject to receipt of final approval from the TSX Venture Exchange.
Actions for debt settlement
The Company is also pleased to announce that it has entered into agreements to settle $ 281,500 of its outstanding cash debt to various third party creditors through the issuance of 4,691,668 common shares of the Company at an effective price by $ 0.06 share (the “Debt Settlement”). In accordance with applicable securities laws, shares issued in connection with the debt settlement will be subject to a four month and one day hold period and approval by the TSX Venture Exchange.
Radient is a commercial manufacturer of high quality, new and diverse cannabis extracts and packaged products. Radient develops specialty products and ingredients that contain a wide range of cannabinoid and terpene profiles while maintaining the highest quality and safety standards. Radient focuses on innovation with expertise in formulations and technologies providing unique solutions in the field of cannabis and wellness. RadientInc.com
Harry Kaura, CEO and Director
Phone. : 780 465 1318
This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information includes, without limitation, statements regarding the settlement of the debt and the issuance of Common Shares in connection therewith and the Offer, including the intended use of the net proceeds by the company. Generally, forward-looking information can be identified by the use of forward-looking terms such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “expected”. , “Estimates”, “anticipates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of these words and expressions or declares that certain actions, events or results “Could”, “could”, “could”, “could” or “will be taken”, “occur” or “be reached”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Radient’s actual results, level of activity, performance or achievements, as the case may be, to differ materially. 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 operations in the cannabis industry; and other risks inherent in the cannabis industry. Although Radient has attempted to identify material factors that could cause actual results to differ materially from those contained in forward-looking information, other factors may cause results not to be as anticipated, estimated or expected. . 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. Therefore, readers should not place undue reliance on forward-looking information. Radient does not undertake to update forward-looking information except in accordance with applicable securities laws.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any 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 “US Securities Act”) or any state securities law and may not be offered. or sold in the United States or to US Persons unless registered under the US Securities Act and applicable state securities laws or an exemption from such registration is available.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/108813