Proceeds intended to finance product development, capital expenditures
By Devika Patel
Knoxville, Tenn., June 25 – Radient Technologies Inc. said it raised C$125,000 in the fourth and final tranche of a C$447,930 non-brokered private placement of units. The deal priced for C$1.5 million and took in C$172,930 on April 16, C$50,000 on June 2 and C$100,000 on June 5.
The company sold 4,479,300 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, 500,000 units in the second, 1 million units in the third and 1.25 million units in the final 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.
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| Issue: | Units of one common share and a half-share warrant
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| Amount: | C$447,930
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| Units: | 4,479,300
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| Price: | C$0.10
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | 42 months
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| Warrant strike price: | C$0.50
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| Agent: | Non-brokered
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| Settlement dates: | April 16 (for C$172,930), June 2 (for C$50,000) June 5 (for C$100,000), June 25 (for C$125,000)
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| Stock symbol: | TSX Venture: RTI
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| Stock price: | C$0.05 at close April 15
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| Market capitalization: | C$2.83 million
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