Radient Technologies Inc. Announces Completion of Third and Final Tranche of Private Placement and Partial Closing of Shares for Debt Transaction

EDMONTON, ALBERTA--(Marketwired - Oct. 14, 2016) -

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Radient Technologies Inc. ("Radient" or the "Corporation") (TSX VENTURE:RTI) announces the completion of the third and final 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 third tranche of the Offering, the Corporation issued and sold 6,520,158 Units for aggregate gross proceeds of $652,015. 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.

A portion of the third tranche of the Offering constitutes a "related party transaction" under Multilateral Instrument 61-101 ("MI 61-101") as Denis Taschuk, a director and senior officer of the Corporation, purchased 850,000 Units and Armand Lavoie, a director of the Corporation, purchased 172,500 Units. Prior to completion of the third tranche of the Offering, Mr. Taschuk owned or controlled 500,000 Common Shares or approximately 0.7% of the total Common Shares issued and outstanding. After giving effect to the third tranche of the Offering, and assuming Mr. Taschuk exercises all of the Warrants underlying the Units, Mr. Taschuk would own or control 1,775,000 Common Shares or approximately 2.2% of the issued and outstanding Common Shares. Prior to completion of the third tranche of the Offering, Mr. Lavoie owned or controlled 129,132 Common Shares or approximately 0.2% of the total Common Shares issued and outstanding. After giving effect to the third tranche of the Offering, and assuming Mr. Lavoie exercises all of the Warrants underlying the Units, Mr. Lavoie would own or control 387,882 Common Shares or approximately 0.5% of the issued and outstanding Common Shares. The Offering is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of securities being issued to insiders nor the consideration being paid by insiders will exceed 25% of the Corporation's market capitalization. The Corporation did not file a material change report 21 days prior to the closing of the third tranche of the Offering as the details of the participation of the related parties of the Corporation had not been confirmed at that time.