Radiant Energy hires Brant Securities as agent on $7 million private placement

By Sheri Kasprzak

Atlanta, Feb. 15 - Radiant Energy Corp. said Brant Securities Ltd. will be the placement agent on its $7 million private placement.

The offering, first announced Feb. 9, includes up to 7,000 series D convertible secured debentures at $1,000 each.

The debentures do not bear interest and mature in five years.

The debentures are convertible into 7,129 common shares at C$0.175 each in the first two years; into 6,416 common shares at C$0.195 each in the third year; into 5,774 common shares at C$0.215 in the fourth year and 5,196 common shares at C$0.235 each in the fifth year.

Some of the company's current shareholders have agreed to buy at least $3 million of the offering.

Based in Port Colborne, Ont., Radiant Energy manufactures an infrared deicing product for aircraft. The proceeds from the private placement will be used to finance deicing service centers and for working capital.

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