ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for alerts Register for real-time alerts, custom portfolio, and market movers

RDT Radiant Energy Corp

0.00
0.00 (0.00%)
Share Name Share Symbol Market Type
Radiant Energy Corp TSXV:RDT TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Radiant Announces Issuance of Secured Debenture and Bonus Shares

19/07/2012 3:24am

Marketwired Canada


NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Radiant Energy Corporation, (TSX VENTURE:RDT) ("Radiant") announced that it has
received approval from the TSX Venture Exchange ("TSXV") to complete an issuance
(the "Issuance") of a secured debenture with a principal amount of CDN$30,000
maturing two years from the date of issue and carrying an interest rate of 12%
per annum (the "Debenture"). The Debenture will be secured by a first charge on
the assets of Radiant and its U.S. operating subsidiary, Radiant Aviation
Services, Inc. Additionally, as a bonus to the lender acquiring the Debenture,
Radiant will issue 0.16 of its common shares to the lender for every CDN$1.00
invested in the Debenture (the "Bonus Shares"), for a total issuance of 4,800
Bonus Shares.


David Williams invested CDN$30,000 in the Debenture, and as he is an insider,
the Debenture and related issuance of Bonus Shares constitute a "related party
transaction" within the meaning of Multilateral Instrument 61-101 - Protection
of Minority Security Holders in Special Transactions ("MI 61- 101"). Radiant is
relying on an exemption to the minority shareholder approval requirement of MI
61-101 as the Debenture is being entered into in response to the financial
difficulties of Radiant. The Issuance, including the Debenture and the issuance
of Bonus Shares, was approved by Radiant's independent directors. Radiant's
independent directors have also reviewed the terms of the Issuance with
management and have determined that such terms are reasonable in the
circumstances, the Issuance will improve the financial condition of Radiant and
the Issuance is in the best interests of Radiant. The issuance of Bonus Shares
to the lenders has not materially affected the percentage of securities of
Radiant beneficially owned and controlled by the lenders.


The net proceeds of the Issuance will be used to address Radiant's immediate
working capital needs while it continues to further its marketing and sales
initiatives in respect of its Radiant Deicing Systems. The infusion of cash is
expected to have initial short-term benefits, but Radiant's business and affairs
are not otherwise expected to be significantly impacted by the Issuance.


The Bonus Shares issued in conjunction with the Issuance will be subject to a
four-month hold period under applicable securities laws and the policies of the
TSXV.


About Radiant Energy Corporation

Radiant is the developer and marketer of Radiant Deicing Systems. Radiant's
product is the only non- glycol based alternative approved by the US Federal
Aviation Administration for the pre-flight ground deicing of aircraft. Aircraft
deicing with Radiant's technology offers savings to airports and airlines over
the use of conventional glycol-based deicing systems, reducing aircraft
treatment costs and significantly reducing the negative impact of glycol on the
environment.


This press release may contain forward-looking statements, including statements
regarding the business and anticipated financial performance of Radiant Energy
Corporation, which involve risks and uncertainties. These risks and
uncertainties may cause Radiant's actual results to differ materially from those
contemplated by the forward-looking statements. No stock exchange, securities
commission or other regulatory authority has approved or disapproved the
information contained herein.


1 Year Radiant Energy Corp Chart

1 Year Radiant Energy Corp Chart

1 Month Radiant Energy Corp Chart

1 Month Radiant Energy Corp Chart