By Sheri Kasprzak
New York, Sept. 28 - Radiant Communications Corp. said it has concluded a C$7,920,498 private placement.
The company sold 30,463,455 units at C$0.26 each.
The units are comprised of one share and one half-share warrant. The whole warrants are exercisable at C$0.32 each for the first two years and C$0.40 each for the final year.
The company had originally planned to raise C$7,935,000 from the sale of 30,519,229 units under the same terms, as announced Aug. 30.
Of the proceeds raised from the unit offering, C$1,386,000 will be used to repay C$1,386,000 of the company's remaining outstanding convertible debentures. The balance will be used for working capital.
Based in Vancouver, B.C., Radiant provides internet protocol data communications services, including broadband, internet access, web hosting and web development services.
| Issuer: | Radiant Communications Corp.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$7,920,498
|
| Units: | 30,463,455
|
| Price: | C$0.26
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
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| Warrant strike price: | C$0.32 for the first two years; C$0.40 for the third year
|
| Investors: | Worthy Capital, Pender Growth Fund, GrowthWorks Managed Funds Working Opportunity Fund and Pacific Venture Fund
|
| Settlement date: | Sept. 28
|
| Stock price: | C$0.20 at close Sept. 27
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