By Sheri Kasprzak
New York, Aug. 22 - Radiant Energy Corp. has closed a scaled-down private placement for C$2,330,569.
The company sold 15,537,133 shares at C$0.15 each.
The offering was first announced June 6 as a C$5 million deal comprised of 33,333,333 shares at the same price.
Radiant intends to use C$1.4 million of the proceeds for deicing projects underway at John F. Kennedy Airport in New York and Gardermoen Airport in Oslo. The company will use C$520,000 of the proceeds to repay a short-term credit facility. The remainder will be used for working capital.
The company also closed a share-for-debt offering to retire C$1,714,858 in convertible debentures. For the debt, the company issued 8,343,451 shares to investor Radiant Aviation Services Europe AS.
Also, Radiant has increased the conversion rate of its series A convertible debentures to 3,634 common shares per $1,000 in principal, in an effort to encourage conversion. The conversion rate is currently 580 common shares per $1,000 in principal.
The company had $1,152,000 in outstanding principal of the series A convertible debentures with accrued interest of $299,150 as of May 15.
The company said all of its series B convertible debentures will also be converted for a total of 544,074 shares to retire C$59,400.
The company will also settle all of its series C convertible debentures, issuing a total of 2,462,652 common shares to retire C$254,398 in debentures.
Additionally, the company is in the process of settling the accrued interest on a $750,000 convertible note. The note, currently held by three insiders of the company, is convertible at the rate of 8.3333 common shares for every $1.00 in principal. The interest rate will then drop to 0%.
Based in Port Colborne, Ont., Radiant develops an infrared aircraft deicing system.
| Issuer: | Radiant Energy Corp.
|
| Issue: | Stock
|
| Amount: | C$2,330,569
|
| Shares: | 15,537,133
|
| Price: | C$0.15
|
| Warrants: | No
|
| Pricing date: | June 6
|
| Settlement date: | Aug. 22
|
| Stock price: | C$0.185 at close June 6
|
| Stock price: | C$0.135 at close Aug. 19
|
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