Radient Amends Loan Facility as Part of Restructuring Plan
Edmonton, Alberta--(Newsfile Corp. - April 4, 2022) - Radient Technologies Inc. (TSXV: RTI) ("Radient" or the "Company"), a commercial manufacturer of diverse, novel, and high-quality cannabis extracts and packaged products, announces the Company has amended the terms of an existing $8.5 million secured loan facility with Moskowitz Capital Mortgage Fund II Inc., an arm's length party ("Moskowitz").
The interest rate has been reduced to the greater of 9.99% or the Bank of Nova Scotia prime rate plus 7.54% per annum, revised downward from the greater of 15% or the Bank of Nova Scotia prime rate plus 12.55% per annum. The maturity date has been extended by one year to November 1, 2022 and the principal amount has been increased to approximately $9.93 million. The loan facility continues to be secured by a first priority mortgage on the land and buildings located at 4035, 4029, and 4025 101 St. N.W., Edmonton, Alberta.
In connection with the amendment, Radient has agreed to pay Moskowitz $99,929 as a renewal fee in three equal installments and to issue a loan bonus to Moskowitz of 10 million non-transferable common share purchase warrants, each entitling Moskowitz to purchase one common share of Radient at an exercise price of $0.085 for one year following the date of issuance. No finder's fees are payable in connection with the amendment. All securities issued in connection with the amendment will be subject to a statutory hold period expiring four months and one day following the issuance date of the warrants. The issuance of the warrants is subject to the approval of the TSX Venture Exchange.
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
Harry Kaura, CEO & Director
Ph: 780 465 1318
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/119174