By Devika Patel
Knoxville, Tenn., March 7 - Radiant Energy Corp. said it has settled the second and final tranche of a private placement of units for C$900,000. The company raised C$2.95 million in the first tranche on Feb. 28. It has raised C$3.85 million total.
The deal priced for C$3.5 million on Jan. 29 and was lifted to C$4 million on Feb. 21.
In the first tranche, Radiant sold 24,593,332 units of one share and one half-share warrant at C$0.12 per unit. It sold 7,475,000 units at that price in this tranche for a total sale of 32,068,332 units.
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.
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.
Brant Securities Ltd. was paid an 8% cash commission and also received 598,000 agent's options. These options 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$3.85 million
|
| Units: | 32,068,332
|
| 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 598,000 agent's options
|
| Pricing date: | Jan. 29
|
| Upsized: | Feb. 21
|
| Settlement date: | Feb. 28 (for C$2.95 million), March 7 (for C$900,000)
|
| Stock symbol: | TSX Venture: RDT
|
| Stock price: | C$0.14 at close Jan. 28
|
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