Radient announces a private placement for up to $4 million
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EDMONTON, Alberta, Oct. 09, 2020 (GLOBE NEWSWIRE) -- Radient Technologies Inc. (“Radient” or the “Company”) (TSX Venture: RTI; OTCQX: RDDTF), a manufacturer of
high quality cannabinoid-based formulations and products, is pleased to announce a proposed non-brokered private placement of up to 40 million common shares (the “Shares”) at a price of $0.10 per
Share for aggregate gross proceeds of up to $4 million (the “Offering”). The proceeds of the Offering will be used for general corporate purposes. The Shares will be subject to a statutory hold
period of four months and one day. Completion of the Offering will be subject to certain conditions, including TSX Venture Exchange (“TSXV”) approval. Radient may pay certain finders fees in
connection with the Offering in accordance with the policies of the TSXV.
The closing date of the Offering is scheduled to be on or about October 16, 2020.
The Company also announces an option grant of 6.4 million stock options (the “Options”) pursuant to the Company’s Stock Option Plan. 3.25 million of the Options have been granted to Radient’s directors and officers and the balance of the Options have been granted to management and employees. The Options are exercisable for a period of five years from the date of grant at a price of $0.10 per share. The grant of the options remains subject to the approval of the TSXV.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws.
Radient Technologies is a commercial manufacturer of high quality cannabinoid based formulations, ingredients and products. Utilizing a proprietary extraction and downstream processing platform that recovers up to 99% of cannabinoids from the cannabis plant, Radient develops specialty products and ingredients that contain a broad range of cannabinoid and terpene profiles while meeting the highest standards of quality and safety. Please visit www.radientinc.com for more information.