Radient Technologies (RDDTF)

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Radient Technologies Announces $5 Million Equity Offering
EDMONTON, Alberta, May 20, 2020 (GLOBE NEWSWIRE) -- Radient Technologies Inc. (“Radient” or the “Company”) (TSX Venture: RTI; OTCQX: RDDTF) is pleased to announce a proposed offering of 25,000,000 units (the “Units”) at an offering price of $0.20 per Unit (the “Issue Price”), for aggregate gross proceeds of up to $5,000,000 (the “Offering”). The Units will be offered on a best efforts basis by Eight Capital, as agent for the Company (the “Agent”), pursuant to a prospectus supplement to Radient’s base shelf prospectus dated January 21, 2020 (collectively, the “Prospectus”). BDO Canada LLP is acting as Radient’s financial advisor in connection with the Offering.

Each Unit will be comprised of one common share in the capital of the Company (a “Common Share”) and one Common Share purchase warrant (a “Warrant”). Each Warrant will entitle the holder thereof to purchase one Common Share, at an exercise price of $0.30, for a period of 36 months following the closing of the Offering.

The Company has agreed to grant the Agents an over-allotment option (the “Over-Allotment Option”) to purchase up to an additional 15% of the Units at the Issue Price, exercisable in whole or in part, at any time on or prior to the date that is 30 days following the closing of the Offering. If this option is exercised in full, the Company will receive an additional $750,000 in gross proceeds for total aggregate gross proceeds of $5,750,000.

In connection with the Offering the Company has agreed to pay the Agent a cash fee of 7% of the aggregate gross proceeds raised from the Offering, and non-transferable compensation warrants (“Compensation Warrants”) equal to 7% of the Units sold under the Offering (in each case including any exercise of the Over-Allotment Option). Each Compensation Warrant will be exercisable into one Unit at the Issue Price for a period of 36 months following closing.

The Company intends to use the net proceeds of the Offering for working capital and general corporate purposes.

The closing date of the Offering is scheduled to be on or about May 26, 2020 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange and the applicable securities regulatory authorities.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws.

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.

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