Radient Technologies Inc. Announces Completion of Second Tranche of Private Placement and Extension to Private Placement Offering

EDMONTON, ALBERTA--(Marketwired - Aug. 26, 2016) -

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Radient Technologies Inc. ("Radient" or the "Corporation") (TSX VENTURE:RTI) announces the completion of the second tranche of 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") previously announced by the Corporation on July 29, 2016. Under the second tranche of the Offering, the Corporation issued and sold 7,847,134 Units for aggregate gross proceeds of $784,713. The Corporation plans to use the proceeds of the Offering for product development, capital expenditures and general working capital purposes.

Each Unit is 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.

In connection with completion of this tranche of the Offering, aggregate cash commissions of $65,971 are payable by the Corporation and 659,712 finder Common Share purchase warrants have been issued (the "Finder Warrants"). Each Finder Warrant is exercisable for one Common Share at a price of $0.10 per Common Share until the date that is 24 months from date of issuance of such Finder Warrant.

The Offering is subject to the receipt of all necessary approvals, including the approval of the TSX Venture Exchange. All securities issued in connection with the Offering are subject to a statutory four-month hold period.

Radient also announces that the TSX Venture Exchange has granted Radient an extension on the deadline to complete the Offering from August 26, 2016 to September 26, 2016.

Radient Technologies Inc further announces that it has engaged the services of FronTier Merchant Capital Group ("FronTier") for Investor Relations Services. FronTier is an experienced and reputable Investor Relations group working with a number of TSXV listed companies and has their head office in Toronto, Canada. Under the terms of the engagement, FronTier has been retained for a 12 month period at $7,000 per month plus direct expenses. FronTier will assist the Company by increasing market awareness for the company utilizing a number of financial market communications initiatives. The core of FronTier's activities for the Company will be facilitating in-person introductions for the Company with institutional and retail brokers and investors in a number of cities across Canada, the US, and Europe . FronTier and its principals participated in this tranche, subscribing for 1,250,000 units of the Company.