Radient Technologies Inc. Announces Financial Results and Private Placement Offering

EDMONTON, ALBERTA--(Marketwired - July 29, 2016) - Radient Technologies Inc. (TSX VENTURE:RTI) (the "Corporation" or "Radient") announced today that it has released its financial results for the fourth quarter and fiscal year ended March 31, 2016. The audited financial statements, Management's Discussion and Analysis, and the CEO & CFO certifications for the year ended March 31^st, 2016 are available on www.SEDAR.com.

Current Financial Situation

The Corporation is looking to secure additional financing arrangements in order to fund its current working capital deficit and to fund its continuing operations and corporate administration costs so as to continue as a going concern.

In order to minimize expenses and cash requirements the Corporation has idled its plant operations. The Corporation expects to be able to recommence plant operations after securing additional financing. The Corporation is also looking at various strategic options on its financing needs and is working with its lenders to manage the payment schedules of outstanding notes.

Accordingly, Radient is announcing a non-brokered private placement of up to 70,000,000 units (the "Units") of the Corporation at a price of $0.10 per Unit for aggregate proceeds of up to $7,000,000 (the "Offering"), subject to regulatory approval. Each Unit shall be comprised of one common share of the Corporation (a "Common Share") and one half Common Share purchase warrant (each whole warrant, a "Unit Warrant"), with each whole Unit Warrant entitling the holder to subscribe for one additional Common Share at a price of $0.25 per Common Share until the date that is 42 months from the date of issuance. It is anticipated that the Offering will be closed in multiple tranches.

For the financing, the Corporation may pay a finder's fee comprised of a cash commission of up to 10% of the gross proceeds of the Offering and finder warrants (the "Finder Warrants") of up to 10% of the number of Units sold pursuant to the Offering, subject to the policies of the TSX Venture Exchange. Each Finder Warrant shall be exercisable for one Common Share at a price of $0.10 per Common Share until the date that is up to 24 months from closing of the Offering. Radient plans to use the proceeds of the Offering for product development, capital expenditures and general working capital purposes.