/NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE OR FOR
DISSEMINATION IN THE UNITED
STATES/
EDMONTON, Nov. 13,
2015 /CNW/ - Radient Technologies Inc.
("Radient" or the "Corporation") (TSX Venture: RTI)
announces a non-brokered private placement of up to 7,500,000 units
(the "Units") of the Corporation at a price of $0.10 per Unit for aggregate proceeds of up to
$750,000 (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.
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. The proceeds of the
Offering will be used for product development, capital expenditures
and general working capital purposes.
In addition, Radient announces that it has
entered into a shares for debt agreement with a certain arm's
length creditor of the Corporation with respect to the settlement
of $34,050 (the "Indebtedness") owing
to such creditor by the Corporation whereby, as payment in full of
the Indebtedness, the Corporation has agreed to issue to such
creditor 340,500 units, with each such unit consisting of one
Common Share and one half Common Share purchase warrant (the "Debt
Warrant"), with each whole Debt Warrant entitling the holder to
subscribe for one additional Common Share at a price of
$0.50 per Common Share until the date
that is 42 months from the date of issuance (the "Debt
Transaction").
The Offering and the Debt Transaction 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 and the Debt Transaction will be subject to a
statutory four-month hold period.
About Radient
Radient extracts natural
compounds from a range of biological materials using microwave
assisted processing ("MAP™"), a patented technology platform which
provides superior customer outcomes in terms of ingredient purity,
yield, and cost. From its 20,000 square foot manufacturing plant in
Edmonton, Alberta, Radient serves
market leaders in industries that include pharmaceutical, food,
beverage, natural health, personal care and biofuel markets. Visit
www.radientinc.com for more information.
Information set forth in this news release
contains forward-looking information and statements that are based
on assumptions as of the date of this news release. These
statements reflect management's current estimates, beliefs,
intentions and expectations. They are not guarantees of future
performance. The terms and phrases "goal", "commitment",
"guidance", "expects", "would", "will", "continuing", "drive",
"believes", "indicate", "look forward", "grow", "outlook",
"forecasts", "intend", and similar terms and phrases are intended
to identify these forward-looking statements, including but not
limited to statements regarding the completion of the Offering or
the Debt Transaction,payment of a finder's fee with respect to the
Offering and the use of proceeds of the Offering. The Corporation
cautions that all forward looking information and statements are
inherently uncertain and that actual performance may be affected by
a number of material factors, many of which are beyond the
Corporation's control. Such factors include, among other things:
risks and uncertainties relating to the Corporation's ability to
complete the proposed Offering or the Debt Transaction, the receipt
of the necessary approvals to complete the Offering of the Debt
Transaction, including receipt of the approval of the TSX Venture
Exchange, and the future use of the proceeds by the Corporation.
Accordingly, actual and future events, conditions and results may
differ materially from the estimates, beliefs, intentions and
expectations expressed or implied in the forward looking
information. Except as required under applicable securities
legislation, the Corporation undertakes no obligation to publicly
update or revise forward-looking information.
This news release shall not constitute an offer
to sell or the solicitation of any offer to buy, nor shall there be
any sale of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful. The shares offered
will not be and have not been registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act") and
may not be offered or sold in the United
States absent registration or an applicable exemption from
the registration requirements of the U.S. Securities Act and
applicable state securities laws.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Radient Technologies Inc.