By Sheri Kasprzak
Atlanta, April 13 - Radiant Energy Corp. said it will not proceed with a US$7 million private placement of convertible debentures but will instead offer up to C$10 million in stock.
The company plans to sell up to 57,142,857 shares at C$0.175 each.
The private placement was first announced Feb. 10 as consisting of US$7 million in zero-coupon series D convertible debentures with a conversion price of C$0.175 each.
The company decided to change the structure of the offering after receiving responses from several potential investors, according to a statement from the company.
McFarlane Gordon Inc. and Brant Securities Ltd. are the placement agents in the deal, which is expected to close no later than May 31.
Based in Port Colborne, Ont., Radiant develops and markets an infrared preflight aircraft deicing system. The company plans to use the proceeds from the amended private placement to complete the construction of its deicing service center in Oslo, build prospective deicing service centers and fund growth. The remainder will be used for working capital.
| Issuer: | Radiant Energy Corp.
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| Issue: | Stock
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| Amount: | C$10 million (maximum)
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| Shares: | 57,142,857 (maximum)
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| Price: | C$0.175
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| Warrants: | No
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| Placement agents: | McFarlane Gordon Inc. and Brant Securities Ltd.
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| Pricing date: | Feb. 10
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| Amended: | April 13
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| Stock price: | C$0.20 at close April 12
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