New York, July 31 - Radiant Energy Corp. said it received conditional approval from the TSX Venture Exchange to offer up to C$1.325 million of secured debentures with bonus shares.
The debentures will pay interest at 12% and mature after two years.
Under some circumstances Radiant will have the option to pay interest in stock.
Subscribers to the debentures will receive four shares for each C$1.00 invested.
As part of the offering, Radiant has agreed to exchange its outstanding series F secured convertible debentures for C$325,000 of new debentures.
Proceeds will be used for immediate working capital needs while the company continues to further its marketing and sales initiatives for Radiant Deicing Systems.
Radiant Energy developed Radiant Deicing Systems, the only non-glycol based method approved by the U.S. Federal Aviation Administration for the pre-flight ground deicing of aircraft. It is based in Toronto.
| Issuer: | Radiant Energy Corp.
|
| Issue: | Secured debentures
|
| Amount: | C$1.325 million
|
| Maturity: | Two years
|
| Coupon: | 12%
|
| Shares: | 4 shares for each C$1.00 of debentures
|
| Announcement date: | July 31
|
| Settlement date: | Aug. 7
|
| Stock symbol: | TSX Venture: RDT
|
| Stock price: | C$0.03 at close July 31
|
| Market capitalization: | C$5.58 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
