EDMONTON, Nov. 30, 2015 /CNW/ - Radient Technologies Inc.
(TSX-V: RTI) (the "Corporation") announced today that it has
released its financial results for the second quarter of its fiscal
year ended March 31, 2016. The
unaudited financial statements, Management's Discussion and
Analysis, and the CEO & CFO certifications for the six month
period ended September 30, 2015 are
available on www.SEDAR.com.
Current Financial Situation
The Corporation is
currently experiencing a significant cash shortage. The Corporation
urgently needs 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. The board of directors of the
Corporation is currently advancing alternatives to address the
Corporation's financial situation.
To partially alleviate this issue, Radient announced 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.
In addition, Radient previously announced 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").
This arrangement is subject to TSX final approval.
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.
SOURCE Radient Technologies Inc.