Edmonton, Alberta–(Newsfile Corp. – December 15, 2021) – Radient Technologies Inc. (TSXV: RTI) (“Radient” or the “Company”), a commercial manufacturer of diverse, novel and high-quality cannabis extracts and packaged products, is pleased to announce it has received from Health Canada an amendment to its Standard Processing Licence for the sale of dried and fresh cannabis products to authorized cannabis retailers and Sale for Medical Purposes licence holders. The Company has also received from Health Canada a Sale for Medical Purposes licence, allowing the Company to supply and sell cannabis products to patients who hold prescriptions from authorized healthcare providers.
“These amendments to our licence represent a significant milestone for the Company, allowing us to expand our offerings beyond our current extract products by bringing quality craft dried and fresh cannabis to the regulated market,” commented Harry Kaura, CEO. “Dried cannabis sales are a large part of the Canadian cannabis market, representing approximately 64% of total cannabis sales according to a Canadian government report for the March 2021 reporting period. With these licence approvals, we are now able to sell high-quality products to the entire Canadian cannabis market for both medical and non-medical use.”
The Company also announces that it intends to complete a non-brokered private placement financing of up to 20,000,000 units of Radient (the “Units”) at a price of $0.06 per Unit for gross proceeds to the Company of up to $1,200,000 (the “Offering”). Each Unit will consist of one common share of the Company and one common share purchase warrant (each, a “Warrant”), with each Warrant entitling the holder to purchase one common share of the Company at $0.10 per share for a period of 18 months following the closing date of the Offering. The proceeds of the Offering are expected to be used for the Company’s growth initiatives and general corporate purposes. The Offering is expected to close on or about December 31, 2021.
All securities issued by the Company in connection with the Offering will be subject to a statutory hold period of four months and one day. Completion of the Offering is subject to certain conditions, including TSX Venture Exchange approval.
In connection with the Offering, Radient may pay finder’s fees in cash of up to 7% of gross proceeds of the Offering and finder’s warrants (“Finder Warrants”) in an amount of up to 7% of the Units sold pursuant to the Offering to eligible finders in accordance with the policies of the TSX Venture Exchange. Each Finder Warrant will entitle the holder thereof to purchase one common share of the Company at a price of $0.10 for a period of 18 months following the closing date of the Offering.
Radient is a commercial manufacturer of diverse, novel and high-quality cannabis extracts and packaged products. 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. Radient is focused on innovation with expertise in formulations and technologies offering unique solutions in the cannabis and wellness space. RadientInc.com
Radient – Investor Relations
Harry Kaura, CEO & Director
Ph: 780 465 1318
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 Offering, including the Company’s intended use of proceeds, closing conditions and timing and other matters related thereto, and the Company’s ability to expand its offerings beyond its extract products. 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, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; risks associated with operation in the cannabis sector; and other risks inherent in the cannabis industry. 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.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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