By Sheri Kasprzak
New York, March 21 - Radiant Energy Corp. said it intends to raise $1 million in a non-brokered private placement of a convertible debenture.
The debenture matures in five years and is convertible into shares at $0.30 for the first two years, $0.35 for the third year, $0.40 for the fourth year and $0.45 for the fifth year.
The coupon is variable with a maximum rate of 15%.
Proceeds from the offering were used to repay debts incurred for the construction of aircraft deicing systems in Oslo, Norway, and New York, and for general operating expenses.
Based in Port Colborne, Ont., Radiant develops pre-flight aircraft deicing systems.
| Issuer: | Radiant Energy Corp.
|
| Issue: | Convertible debenture
|
| Amount: | $1 million
|
| Maturity: | Five years
|
| Coupon: | 15% (maximum)
|
| Conversion prices: | $0.30 for the first two years; $0.35 for the third year; $0.40 for the fourth year; $0.45 for the fifth year
|
| Warrants: | No
|
| Settlement date: | Feb. 14
|
| Placement agent: | Non-brokered
|
| Stock symbol: | TSX Venture: RDT
|
| Stock price: | C$0.10 at close Feb. 14
|
| Stock price: | C$0.06 at close March 21
|
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