BRIEF-Radient Technologies Inc announces Financial Results and Private Placement Offering

Fri Jul 29, 2016 5:39pm EDT
 
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July 29 (Reuters) - Radient Technologies Inc

* In order to minimize expenses and cash requirements corporation has idled its plant operations

* Corporation expects to be able to recommence plant operations after securing additional financing.

* Looking at various strategic options on financing needs, working with lenders to manage payment schedules of outstanding notes

* Radient Technologies Inc says non-brokered private placement of up to 70 million units of corporation at $0.10 per unit for proceeds of up to $7 million

* Says is looking to secure additional financing arrangements in order to fund its current working capital deficit

* Radient Technologies says looking to secure funding to fund continuing operations and corporate administration costs, continue as a going concern

* Plans to use proceeds of offering for product development, capital expenditures Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-223-8780)