EDMONTON, Alberta, June 11, 2020 (GLOBE NEWSWIRE) — Radient Technologies Inc. (“Radient” or the “Company”) (TSX Venture: RTI; OTCQX: RDDTF), a global commercial manufacturer of high quality cannabinoid-based ingredients, formulations and products, announces that its recently launched bioU branded products are now available through Medical Cannabis by Shoppers, a subsidiary of Shoppers Drug Mart Inc.
The bioU brand was created exclusively for Medical Cannabis by Shoppers and is now available across Canada. bioU products have been scientifically designed by Radient to provide a high quality, consistent, broad spectrum oil formulations to medical users. The first series of products to launch is the USpray line of extracts which come in a convenient, precise dosage oral spray format. A CBD dominate (1:20 ratio of THC:CBD) and balanced formulation (1:1 ratio of THC:CBD) are now available, with a THC dominate formula (30:1 ratio of THC:CBD) expected shortly.
The Company has also received the approval from the TSX Venture Exchange (the “TSXV”) for a series of shares for debt agreements with various of its creditors, which was previously announced in a press release dated May 8, 2020 under the terms and conditions noted below.
The Company has issued 6,716,252 units to a number of third-party creditors in exchange for the settlement of $1,108,182 owed by the Company to such creditors. Each unit has a deemed value of $0.165 per unit and each unit includes one share and one-half of one common share purchase warrant. Each whole warrant will have a term of 24 months and will be exercisable at $0.30 for one Radient common share.
The Company has also issued 382,691 common shares to a third-party creditor in exchange for the settlement of $63,144 owed by the Company to such creditor. Additionally, the Company has issued 841,585 common shares to certain officers and directors in exchange for the settlement of $138,861 owed by the Company to such individuals. The Radient shares issued under these agreements have a deemed value of $0.165 per share.
Securities issued under the above arrangements are subject to a 4 month statutory hold period.
Shares for Services:
The Company issued common shares to third-party consultants for services provided, pursuant to the shares for service agreement previously approved by the TSXV. The common shares were issued at the TSXV 15-day VWAP share price as follows:
- January: 236,098 common shares at CAD $0.36
- February: 220,529 common shares at CAD $0.38
- March: 449,451 common shares at CAD $0.19
- April: 733,668 common shares at CAD $0.16
- May: 615,240 common shares at CAD $0.19
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.
Contact: Investor Relations: [email protected]
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 completion of the shares for debt arrangements, shares for services arrangements, sales of bioU products and the Company’s future plans. 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.