EDMONTON, Alberta, Aug. 26, 2019 (GLOBE NEWSWIRE) -- Radient Technologies Inc. (“Radient” or the “Company”) (TSX Venture: RTI; OTCQX: RDDTF), a global innovator in the industrial scale extraction and downstream processing of premium grade cannabis and hemp derivatives, has amended (the “Amended Agreement”) the loan facility currently in place (the “Existing Loan”) with Moskowitz Capital Mortgage Fund II Inc. (“Moskowitz” or the “Lender”).
Radient, through its wholly owned subsidiary 1631807 Alberta Ltd. (the “Subsidiary”), entered into the Existing Loan with Moskowitz in May 2018, allowing the Subsidiary to make several strategic real estate transactions which provided the Company with controlled access to its existing production facility, as well as increased future expansion capacity.
The Amended Agreement provides for the following changes to the Existing Loan:
- Principal Amount and Maturity Date: The Amended Agreement increases the total principal amount to CAD $8,500,000 (originally CAD $5,500,000) and extends the maturity date to November 1, 2021 (originally November 1, 2020).
- Use of Proceeds: The proceeds of the Amended Agreement will be used by Radient for general working capital purposes.
Shares for Services:
Further the to the Company’s press release dated July 29, 2019, Radient would like to clarify that it issued an aggregate of 93,151 common shares for services during the month ended June 30, 2019, rather than the quarter ended June 30, 2019.
About Radient
Radient Technologies provides industrial-scale manufacturing solutions for premium natural ingredients and products. Utilizing its patented MAP™ extraction technology, Radient delivers superior customer outcomes in terms of ingredient purity, yield, and cost, serving global market leaders in industries such as foods & beverages, nutraceuticals, pharmaceuticals, cosmetics, and personal care. Since 2016, Radient has expanded its offerings to enter the cannabinoids market, using its MAP™ platform to provide premium ingredients that contain a full range of cannabinoid and terpene profiles. Please visit www.radientinc.com for more information.
SOURCE: Radient Technologies Inc.
Investors please contact: William (Bill) Wasson, Senior VP of Capital Markets and Investor Relations: wwasson@radientinc.com
Media/press please contact: Caitlin Cheadle, Director of Communications: ccheadle@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 the growth of the Company’s business operations; the construction of the Company’s facilities; the use of proceeds of the Amended Agreement. 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.