By Devika Patel
Knoxville, Tenn., Feb. 21 - Radiant Energy Corp. said it is increasing a private placement of units to C$4 million. The deal priced for C$3.5 million on Jan. 29.
The company now plans to sell up to 33,333,333 units of one share and one half-share warrant at C$0.12 per unit. It originally intended to sell 29,166,666 units at that price.
Each whole warrant will be exercisable at C$0.30 for 18 months.
If the company's common shares close higher than C$0.40 for 20 consecutive trading days, the warrants may expire 30 days after the company notifies holders.
Brant Securities Ltd. will be paid an 8% cash commission and will also receive a number of broker warrants equal to 8% of the number of units sold. These warrants are exercisable into units at C$0.12 for 18 months.
The first portion of the offering is expected close on Feb. 28 and the remaining amount is to close within the first two weeks of March.
Based in Port Colborne, Ont., Radiant produces an infrared pre-flight aircraft de-icing system.
| Issuer: | Radiant Energy Corp.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$4 million
|
| Units: | 33,333,333
|
| Price: | C$0.12
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.30
|
| Fees: | 8% in cash and warrants
|
| Pricing date: | Jan. 29
|
| Upsized: | Feb. 21
|
| Stock symbol: | TSX Venture: RDT
|
| Stock price: | C$0.14 at close Jan. 28
|
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