12 December 2017 | News
Funds to be used for Expansion of Radient Facility and Operations
Aurora Cannabis Inc. and Radient Technologies Inc. announced that Aurora has completed its previously announced $12 million strategic investment in Radient.
Aurora Cannabis Enterprises Inc. is a licensed producer of medical cannabis pursuant to Health Canada's Access to Cannabis for Medical Purposes Regulations.
Radient extracts natural compounds from a range of biological materials using microwave assisted processing technology platform which provides superior customer outcomes in terms of ingredient purity, yield, and cost.
Aurora exercised all 15,856,321 common share purchase warrants of Radient previously held by Aurora for total proceeds of $5.8 million.
Aurora completed a private placement of 4,541,889 units for total proceeds of $6.2 million, with each unit consisting of one common share of Radient and one common share purchase warrant.
Units were priced at $1.37. Each warrant gives Aurora the right to purchase one common share of Radient for $1.71 for a period of 24 months.
Radient intends to use the proceeds from the financing to accelerate plant capacity expansion and increased amount at its Edmonton facility, the purchase of land adjacent to this facilit