Proceeds intended to finance product development, capital expenditures
By Devika Patel
Knoxville, Tenn., April 16 – Radient Technologies Inc. said it raised C$172,930 in the first tranche of a C$1.5 million non-brokered private placement of units.
The company is selling 15 million units of one common share and a half-share warrant at C$0.10 per unit. It sold 1,729,300 units in the initial tranche.
Each whole warrant is exercisable at C$0.50 for 42 months. The strike price reflects a 900% premium to the April 15 closing share price of C$0.05.
Proceeds will be used for product development, capital expenditures and general working capital purposes.
The Edmonton, Alta., company extracts compounds from biological materials using microwave-assisted processing.
| Issuer: | Radient Technologies Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$1.5 million
|
| Units: | 15 million
|
| Price: | C$0.10
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 42 months
|
| Warrant strike price: | C$0.50
|
| Agent: | Non-brokered
|
| Settlement date: | April 16 (for C$172,930)
|
| Stock symbol: | TSX Venture: RTI
|
| Stock price: | C$0.05 at close April 15
|
| Market capitalization: | C$2.12 million
|
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