NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES
EDMONTON, ALBERTA August 19, 2016 - Radient Technologies Inc. (“Radient” or the “Corporation”) (TSX Venture: RTI) announces the completion of the first tranche of a non-brokered private placement of up to 70,000,000 units (the “Units”) of the Corporation at a price of $0.10 per Unit for aggregate proceeds of up to $7,000,000 (the “Offering”) previously announced by the Corporation on June 29, 2016. Under the first tranche of the Offering, the Corporation issued and sold 3,850,000 Units for aggregate gross proceeds of $385,000. The Corporation plans to use the proceeds of the Offering for product development, capital expenditures and general working capital purposes.
Each Unit is 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. The full article can be accessed here.