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Radient undertakes C$21.6M bought deal offering, C$15M private placement

Radient Technologies Inc. upsized a bought deal offering of units and now plans to raise about C$21.6 million in gross proceeds.

The Edmonton, Alberta-based company is offering 18 million units at C$1.20 per unit. Radient granted the underwriters a 30-day option to buy up to an additional 2,700,000 units.

Each unit will consist of one common share and 0.5 common share purchase warrant, and each warrant can be exercised to acquire one additional common share at C$1.50 per share.

In addition, Radient is planning a concurrent private placement of units for additional gross proceeds of up to C$15 million.

The company said it may increase the size of the private placement to C$25 million with the consent of Canaccord Genuity Corp., the lead underwriter.

The closing of the private placement is subject regulatory approvals.

Proceeds from the units offering and the private placement will be used to upgrade its main Edmonton extraction line for dedicated hemp extraction and purification, for additional capacity in North America and Europe and for general corporate and working capital purposes.

The syndicate of underwriters, led by Canaccord, includes GMP Securities LP and Laurentian Bank Securities Inc.