EDMONTON, ALBERTA--(Marketwired - March 2, 2016) -
NOT FOR DISTRIBUTION IN THE UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Radient Technologies Inc. (TSX VENTURE:RTI) (the "Corporation") announced today that it has released its financial results for the third 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 nine-month period ended December 31st, 2015 are available on www.SEDAR.com.
Current Financial Situation
The Company is looking 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.
In order to minimize expenses and cash requirements the Company has idled its plant operations. The Company will be able to restart plant operations shortly after securing additional financing. The Company is also looking at various strategic options on its financing needs and is working with its lenders to manage the payment schedules of outstanding notes.
To alleviate this issue, Radient is announcing a non-brokered private placement of up to 10,00,000 units (the "Units") of the Corporation at a price of $0.10 per Unit for aggregate proceeds of up to $1,000,000 (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.
For the financing, 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.
The Offering 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 will be subject to a statutory four-month hold period.
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.