By Devika Patel
Knoxville, Tenn., Feb. 28 - Radiant Energy Corp. said it has settled the first tranche of a private placement of units for C$2.95 million. The deal priced for C$3.5 million on Jan. 29 and was lifted to C$4 million on Feb. 21.
In this tranche, Radiant sold 24,593,332 units of one share and one half-share warrant at C$0.12 per unit. The company said on Feb. 21 it would sell up to 33,333,333 units total. 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.
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
|
| Settlement date: | Feb. 28 (for C$2.95 million)
|
| Stock symbol: | TSX Venture: RDT
|
| Stock price: | C$0.14 at close Jan. 28
|
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