Radient Technologies Inc. Announces Shares for Debt Arrangements
May 08 2020 - 6:30AM
Radient Technologies Inc. (“Radient” or the
“Company”) (
TSX Venture: RTI; OTCQX: RDDTF), a
global commercial manufacturer of high quality cannabinoid-based
ingredients, formulations and products, announces that it has
entered into a series of shares for debt agreements with various of
its creditors under the terms and conditions noted below.
The Company has agreed to issue 3,781,073 units
to a number of third party creditors in exchange for the settlement
of $623,877 of amounts owed by the Company. Each unit will
have a deemed value of $0.165 per unit and each unit will include
one share and one-half of one common share purchase warrant.
Each full warrant will be exercisable at $0.30 into one Radient
common share for a period of 24 months from the date of the
completion of the debt settlements.
Additionally, the Company has agreed to issue
1,368,576 shares to certain officers and directors in exchange for
the settlement of $225,815 of amounts owed by the Company to such
individuals. The Radient shares issued under these agreements
will have a deemed value of $0.165 per share.
Securities issued under both arrangements will
be subject to a 4 month hold period and both arrangements are
subject to the approval of the TSX Venture Exchange.
The Company also announces that it has issued
common shares to third-party consultants for services provided,
pursuant to the shares for a service agreement previously approved
by the TSX Venture Exchange. The common shares were issued at the
TSX Venture Exchange 15-day VWAP share price as follows:
- January: 236,098 common shares at CAD $0.36
- February: 220,529 common shares at CAD $0.38
- March: 449,451 common shares at CAD $0.19
- April: 733,668 common shares at CAD $0.16
About Radient 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.
SOURCE: Radient Technologies Inc.
Contact: Investor Relations:
ir@radientinc.com
Forward Looking Information:
This press release contains “forward-looking information” within
the meaning of applicable Canadian securities legislation.
Forward-looking information includes, without limitation,
statements regarding completion of the shares for debt arrangements
and the Company’s future plans. Generally, forward-looking
information can be identified by the use of forward-looking
terminology such as “plans”, “expects” or “does not expect”, “is
expected”, “budget”, “scheduled”, “estimates”, “forecasts”,
“intends”, “anticipates” or “does not anticipate”, or “believes”,
or variations of such words and phrases or state that certain
actions, events or results “may”, “could”, “would”, “might” or
“will be taken”, “occur” or “be achieved”. Forward-looking
information is subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of Radient, as the case may
be, to be materially different from those expressed or implied by
such forward-looking information. Although Radient has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
information, there may be other factors that cause results not to
be as anticipated, estimated or intended. There can be no assurance
that such information will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking information. Radient does not undertake
to update any forward-looking information, except in accordance
with applicable securities laws.
NEITHER THE 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.
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