Radiant Completes A Shares For Debt Transaction; Announces Change to Loan Agreement.PORT COLBORNE, Ontario Port Colborne (2006 population 18,599) is a city on Lake Erie, at the southern end of the Welland Canal, in the Niagara Region of southern Ontario, Canada near Niagara Falls. -- Radiant Energy radiant energy n. Energy transferred by radiation, especially by an electromagnetic wave. radiant energy Noun Corporation (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:RDT RDT 1. Renal dialysis treatment 2. Retinal damage threshold ) ("Radiant radiant: see meteor shower. " or the "Company") today announced they have signed Debt Settlement Agreements with five creditors to issue 1,390,860 common shares to settle outstanding debt of C$139,086. The Company further announced an amendment to the terms of the loan agreement announced December 16, 2004. Shares for Debt Transaction The Company signed Debt Settlement Agreements with five creditors comprised of employees, consultants, officers and directors, three of which are insiders to the Company. The Company will file a notice of a Share for Debt transaction to the TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. for issuance of 1,390,860 common shares to settle outstanding debt for $139,086 with the five creditors. The conversion rate of the debt to commons shares is C$0.10. The creditors who are also insiders of the Company participating in the transaction are as follows:
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Amount of Deemed Price Number of
Insider Creditors Debt Settled per Share Common shares
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Colin V. F. Digout $50,000 $0.10 500,000
Director and officer
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Milton Klyman
Director $13,918 $0.10 139,180
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James I Golla
Director $14,168 $0.10 141,680
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Total $78,086 $0.10 780,860
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Short-term loan facility On December 16, 2004 the Company announced that they had secured a line-of-credit to a maximum C$500,000 from a private corporation based in Ontario controlled by a shareholder of Radiant. One of the terms of the line-of-credit provided for an interest bonus to a maximum of 400,000 common shares based on 20% of the amounts drawn and an implied common share price of C$0.25. The Company and the creditor An individual to whom an obligation is owed because he or she has given something of value in exchange. One who may legally demand and receive money, either through the fulfillment of a contract or due to injury sustained as a result of another's Negligence agreed to change the interest bonus from 400,000 common shares to 400,000 warrants to purchase 400,000 common shares at $0.10 per common share. The warrants will be issued on a proportional proportional values expressed as a proportion of the total number of values in a series. proportional dwarf the patient is a miniature without disproportionate reductions or enlargements of body parts. basis to the principal amounts advanced to the Company. If the TSX Venture Exchange does not approve the loan bonus, the monthly rate of interest will increase to 5% per month payable annually based on simple interest. If the maximum bonus warrants are issued, the Lender will be the beneficial holder of 9.9% of the common shares of Radiant. Securities of Radiant Energy Corporation trade on the TSX Venture Exchange (symbol RDT). There are currently 32,327,711 common shares outstanding. No stock exchange, securities commission or other regulatory authority Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities has approved or disapproved the information contained herein. Radiant Energy Corporation (TSX VENTURE:RDT) |
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