Daily Archives: February 10, 2020

Radient Technologies Inc. Announces up to CAD $15.4 Million in Debenture Financings and Provides Corporate Update

EDMONTON, Alberta, Feb. 10, 2020 (GLOBE NEWSWIRE) — Radient Technologies Inc. (“Radient” or the “Company”) (TSX Venture: RTI; OTCQX: RDDTF), a global commercial manufacturer of high quality cannabinoid-based ingredients, formulations and products, is pleased to announce a total financing package of up to CAD $15,400,000 through the issuance of up to $10.4 million of unsecured convertible notes (the “Notes”) and up to $5 million of unsecured debentures (the “Debentures”).

$10.4 Million Note Financing with Institutional Investor

Radient has entered into a non-binding Letter of Intent (the LOI”) with an institutional investor to subscribe for up to CAD $10,400,000 of convertible notes (the “Notes”).  Attached to the Notes will be share purchase warrants with the terms described below (the “Warrants”).

The Notes and accompanying Warrants shall be issuable in separate tranches (each a “Tranche“). The Notes shall be convertible into, and the Warrants shall be exercisable for, common shares (“Common Shares“) in the capital of the Company, at prices to be determined at the closing of each Tranche.

The Company shall issue the Notes in the principal amount of $2,000,000 for the two initial tranches (the “Initial Tranche“) and shall issue Notes in the principal amount of $800,000 for each subsequent Tranche (each, a “Subsequent Tranche“) based on a liquidity multiple and, in respect of each Tranche, accompanying Warrants, as described herein. The subscription price for each Note is 95% of its face value and the Notes shall bear no interest and the maturity date of the Notes shall be for a month.

The conversion price of the Notes will be based on the closing volume weighted average trading price at the time preceding signing. The First Tranche and each Subsequent Tranche will also include Warrants exercisable for a period of one year for such number of Common Shares as is equal to 30% of the total commitment The exercise price of the Warrants will be determined at each closing and will be priced at a minimum 5% premium to the applicable conversion price for such Tranche.

There will be no maintenance fees paid and an 8% commitment fee will be paid in shares for the total commitment. The closing of this transaction is subject to due diligence, regulatory approvals including approval of the TSX Venture Exchange (“TSXV”) and execution of definitive documentation.

CAD $5 Million Debenture Financing

In addition to the above, Radient announces a CAD $5 million non-brokered debenture financing (the “Debenture Financing”). The Debentures are unsecured and have an interest rate of 15% per annum. The Debentures will mature on the date that is the 12-month anniversary from the Closing Date (the “Maturity Date”).  The Company will issue to the Debenture holders such number of common share purchase warrants (the “Warrants”) equal to 50% of the principal value of the Debentures. Each Warrant will be exercisable into one common share of the Company at an exercise price of CAD $0.70 per share and have a 24-month expiry from the Closing Date.  The Debenture Financing is expected to close in tranches and is subject to TSXV approval.

The Company plans to use the proceeds from the both financings for growth initiatives and for general working capital purposes.

Denis Taschuk, President & CEO of Radient commented, “We are pleased to have this financing along with the sale/leaseback in place as it will allow us to continue along our current growth trajectory, which includes the completion of the building construction of our 89,000 sq ft Edmonton III facility. In addition, the access to working capital that this financing provides gives us a strong foundation as we continue to accelerate our ‘Cannabis 2.0’ initiatives.”

Corporate Update:

Cannabis 2.0 Initiatives

As the Canadian Cannabis industry prepares for Cannabis 2.0 product introductions the Company is well placed to support industry participants through its own product offerings.  Within the Company’s near-term product pipeline is a range of intermediate, white-label, and formulated offerings to support prospective customers’ Cannabis 2.0 initiatives.  These offerings range from resins and high purity distillates to stable infusions and emulsions, all of which enable the development of food and beverage, vaping, and personal care products both at large and “craft” scale.  The initial intermediate products from this pipeline are expected to launch in February 2020, followed by additional oil and oil capsule products, THC concentrates, and topical products over the subsequent two to three months.

Sale-Leaseback Transaction

Further to the news release dated January 14, 2020, Radient is pleased to announce progress on the sale leaseback transaction. This is part of an asset-backed financing incorporating both the land and buildings and equipment financing. As per the binding LOI previously announced on January 14, 2020, 223801 Alberta Ltd (the “Purchaser’) will purchase the land and buildings comprising the Company’s Edmonton I, II and III facilities (the “Land’) for approximately CAD $20 million. Due diligence is substantially complete and the parties are proceeding to finalizing definitive documentation.  The Company continues to work on arranging additional equipment financing (the “Equipment Financing”) that was initially announced in Radient’s press release dated November 29, 2019. The Equipment Financing is expected to incorporate the equipment contained within the Edmonton I, II, and III facilities that will include equipment upgrades for high purity distillates, resins, downstream finishing and processing. Radient will update shareholders when the terms of this Equipment Financing have been finalized. The purchase and sale agreement is expected to close in calendar Q2, 2020.

About Radient
Radient Technologies is a commercial manufacturer of high quality cannabinoid based formulations, ingredients and products. Utilizing a proprietary extraction and downstream processing platform that recovers up to 99% of cannabinoids from the cannabis plant, Radient develops specialty products and ingredients that contain a broad range of cannabinoid and terpene profiles while meeting the highest standards of quality and safety. Please visit www.radientinc.com for more information.

SOURCE: Radient Technologies Inc.

Contact: Caitlin Cheadle, Director of Communications: ccheadle@radientinc.com

Forward Looking Information:
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the closing of the proposed Note and debenture financings and the sale and leaseback transaction, the growth of the Company’s business operations; the construction of the Company’s facilities; the Company’s ability to grow its business in the cannabis sector and the Company’s future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Radient, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although Radient has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Radient does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Nasdaq, Inc. Announces Proposed Senior Notes Offering

NEW YORK, Feb. 10, 2020 (GLOBE NEWSWIRE) — Nasdaq, Inc. (the “Company”) (Nasdaq: NDAQ) today announced that it plans to offer, subject to market and other conditions, Euro-denominated senior notes (the “Offering”). The Company expects to use the net proceeds from the Offering to refinance indebtedness and for other general corporate purposes.

J.P. Morgan Securities plc, Nordea Bank Abp, Skandinaviska Enskilda Banken AB (publ) and Wells Fargo Securities International Limited will act as joint book-running managers for the Offering. HSBC Securities (USA) Inc., ICBC Standard Bank, Merrill Lynch International, Mizuho International plc, Siebert Williams Shank & Co., LLC and The Toronto-Dominion Bank are acting as co-managers for the Offering.

The Offering will be made pursuant to an effective shelf registration statement, previously filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”). Before investing, you should read the prospectus supplement and accompanying prospectus, as well as other documents the Company has filed with the SEC, for a more complete understanding of the Company and the Offering. These documents are available for free by visiting EDGAR on the SEC website at www.sec.gov.

Alternatively, copies may be obtained by contacting J.P. Morgan Securities plc at 25 Bank Street, Canary Wharf, London E14 5JP, United Kingdom, Facsimile: +44 20 3493 0682, Attention: Head of Debt Syndicate and Head of EMEA Debt Capital Markets Group; Nordea Bank Abp, C/O Nordea Danmark, Grønjordsvej 10, DK-2300 Copenhagen S, Denmark, Attention: Syndicate – Transaction Management; Skandinaviska Enskilda Banken AB (publ), Kungsträdgårdsgatan 8, 106 40, Stockholm, Sweden; Wells Fargo Securities International Limited, 33 King Street, London EC4R 9AT, Phone: +44 (0)20 3942 8537.

This press release is for informational purposes only and shall not constitute an offer to sell or a solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

MiFID II professionals/ECPs-only/No PRIIPs KID – Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in the European Economic Area or the United Kingdom.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. The Company cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. These statements include, but are not limited to, statements about the Offering, the Company’s plans, objectives, expectations and intentions and other statements that are not historical facts. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the Company’s control. These factors include, but are not limited to, the Company’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, U.S. and global competition, and other factors detailed in the Company’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q which are available on the SEC’s website at www.sec.gov. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

ABOUT NASDAQ

Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Its diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence.

MEDIA RELATIONS CONTACT:

Allan Schoenberg
+1.212.231.5534
allan.schoenberg@nasdaq.com

INVESTOR RELATIONS CONTACT:

Ed Ditmire, CFA
+1.212.401.8737
ed.ditmire@nasdaq.com

-NDAQF-

DPM Heng Swee Keat at the Singapore Airshow 2020 Opening Ceremony

Your Excellencies,

Distinguished Guests,

Ladies and Gentlemen,

I am happy to be here today, to welcome you to the 7th edition of the Singapore Airshow, the first of this decade.

Decade Begins on an Uncertain Note

We start the decade on an uncertain note. Global economic growth is projected to be modest. The IMF indicated last month that the economy is showing tentative signs of stabilization, but recovery is likely to be sluggish.

The global order is undergoing significant shifts. Global trade, the rule of law, and multilateralism have all come under pressure. Oil prices have also been volatile, partly as a result of the ongoing geopolitical tensions in the Middle East, adding to cost uncertainty for air travel.

In recent weeks, the novel coronavirus outbreak has created a new source of uncertainty and apprehension. Governments across the world are rushing against time to contain the spread of the virus. This new coronavirus has infected many more people than SARS, although it appears to be much less lethal. But the situation is very fluid, and we do not fully know the nature of the new virus at this point.

Until we overcome the outbreak, we have to brace ourselves for its impact. Globally, air passenger numbers are coming down. Airlines are feeling the immediate impact. Some airlines have been particularly hard hit, and have resorted to substantive cost reduction measures, including putting staff on unpaid leave and even laying off some of their workers. There could be a knock-on impact on the wider aviation sector in terms of aircraft orders and also maintenance, repair and overhaul (MRO) activities.

The Airshow has also been affected. Exhibitors and delegations are understandably concerned about the outbreak, especially when we raised the risk assessment to Code Orange. The organiser, Experia Events, has been hard at work as the situation evolved, making adjustments to their plans, and putting in additional safeguards for all participants, such as temperature screening for all of us attending tonight’s dinner. But I am glad that most of the exhibitors have rallied together, and continued with this exhibition, including all of you in this room. But we had to trim parts of the Airshow, such as limiting the number of public visitors. Depending on how the situation changes in the coming days, additional measures may be introduced.

The virus outbreak has also cast fresh uncertainties on the near-term prospects for the global economy. Consumer confidence has dampened, and many supply chains have been temporarily disrupted. With the situation still rapidly evolving, it is difficult to gauge the full impact at present. However, if SARS is a reference point to go by, it will be many months before the situation returns to normal.

I am glad that in this period of great uncertainty, countries are working hard and working together to contain this outbreak. China has taken firm and decisive measures to contain the spread of the virus. Singapore and other countries have also stepped up our safeguards. Together, countries are working with the World Health Organisation to contain the contagion. We live in a highly inter-connected world, with integrated global supply chains and good people mobility, which has been accelerated by air travel. As countries step up safeguards, we should all do so based on data and scientific evidence as well as the specific context of each country. This way, we also do our best to sustain the flow of goods and commerce, even as we are united in our objective to protect the well-being of our people. With close cooperation, I am confident that China, Singapore and the rest of the international community can overcome this challenge.

I am similarly confident that the global aviation sector will weather this coronavirus outbreak, much like how you recovered and emerged stronger from September 11, the Global Financial Crisis, SARS and MERS. Hence, even as we focus on dealing with the immediate consequences of the outbreak, we must also set our sights on the long term, for the future of the aviation sector remains bright.

Future of Aviation

The number of air travellers in the world is expected to double in the next 20 years, from 4 billion to 8 billion. Half of all new air travellers will be from the Asia-Pacific region.

The growth potential in Asia-Pacific is strong, as this region is home to the fastest growing middle class population, and Southeast Asia in particular has a youthful population, who are keen to explore and travel the world.

Hence, it is no surprise that the Asia Pacific is projected to become the largest aviation market in the world1, accounting for more than 40% of new aircraft deliveries in the next two decades2.

I am also happy to see Singapore’s aviation sector contributing to the region’s growth. Passenger traffic at Changi airport grew by about 5% per annum over the last decade. During the same period, the total output for the aerospace industry also grew at the same rate, surpassing S$11 billion in 2018, and our companies have made significant investments in anticipation of the growth in regional demand.

To continue growing the global aviation industry, and to take full advantage of its potential, we need to invest in innovation, skills and infrastructure. Let me elaborate on each of these, in Singapore’s context.

Innovation as a key growth driver for the industry

Innovation has opened up many possibilities in the aviation sector. Additive manufacturing, big data, and automation are transforming how aircrafts are built, operated and maintained. For example, just last year, SIA avoided more than 500 minutes worth of flight delays through predictive maintenance.

Innovation has also disrupted business models in ways we would never have imagined. Over the last decade, budget airlines made air travel more affordable and accessible. In the future, the concept of air taxis or urban air mobility can dramatically change how people travel and how we design our cities, just as how the invention of automobiles created the suburbs! Earlier, when I heard Vincent talking about the energy pavilion, I was wondering if I would see aircrafts flying on solar energy in time to come.

Singapore is therefore committed to building a strong ecosystem of academics, businesses and other partners, locally, with the region, and beyond, to promote research, innovation and enterprise, to encourage the cross-pollination of ideas and translation of ideas into action. Especially in addressing issues common to the global aviation industry, such as reducing the environmental impact of aviation and improving travel efficiency.

I am encouraged by the growing collaborations between international industry players and our public sector and research institutes, such as the corporate lab between Rolls-Royce, and NTU, one of our universities, and the Aviation Innovation Research Lab between the Civil Aviation Authority of Singapore and Thales.

In the spirit of collaboration, at this Airshow, I hope you can: find new inspiration, identify new areas of partnerships, and, most importantly, strike new deals!

Skilled talent to support industry transformation and growth

To support the many new areas of innovation, we must have a skilled work force. Industry partners have a strong role to play. They must work closely with schools and institutions of higher learning to ensure that the curriculum is up-to-date, and the skills imparted are relevant.

Here in Singapore, our education institutions have also worked closely with the aviation sector to develop courses, including work-study programmes, such as the SkillsFuture Work-Study diploma in Aircraft Engine Maintenance that was developed by our Institute of Technical Education in partnership with engine MRO companies. Applied pathways to university, such as the Aircraft Systems Engineering degree, developed by the Singapore Institute of Technology in partnership with the SIA Engineering Company.

The close involvement of industry in education also applies to capability building. For example, our National Additive Manufacturing Innovation Cluster and the Association of Aerospace Industries (Singapore) partnered our government agencies to develop new additive manufacturing capabilities for the aerospace industry.

Infrastructure as the foundation to the industry growth

Lastly, we need sustained investment in infrastructure to support a widening global air transport network, and an increasing volume of air travel. If innovation is the engine of an aircraft, and a skilled workforce are the pilots; infrastructure is the fuselage � the body of the aircraft: it is the structure that makes flight possible.

Singapore has made significant investments over the past decade. For example, we have developed and are expanding the Seletar Aerospace Park. Last year, we expanded Terminal 1 and opened Jewel Changi Airport. This was the culmination of years of planning and Jewel is now an international icon.

This decade will be a new chapter for Changi Airport. Terminal 5 will be the centerpiece. When completed in the early 2030s, Terminal 5 will allow us to handle 50 million more passengers a year. This will be an increase of more than 50% compared to our current capacity. More importantly, we will design Terminal 5 to deliver an even better Changi Experience for all travellers.

As a major air transport node, the additional capacity provided by Terminal 5 will enable Singapore to contribute to increased connectivity in the region and beyond.

The demand for infrastructure and connectivity will continue to grow in Asia. Therefore, as a major financial and connectivity node in the Asia Pacific, Singapore’s Infrastructure Asia office can contribute to regional connectivity and integration. By connecting the demand and supply side for infrastructure projects and in ensuring that these projects are structurally robust, financially sound, and environmentally sustainable.

Conclusion

The future of aviation is bustling, dynamic and filled with opportunities. And this industry has been resilient to setbacks and surprises that have come your way. We must make adjustments to our business plans and step-up our safeguards in response to the coronavirus outbreak. At the same time, we must continue to invest in innovation, skills and infrastructure, to harness the opportunities and realise the growth potential of this sector.

Let me end off by thanking the aerial display teams that will be performing for us over the next few days. I am glad that the US and China have answered our invitation to perform at this Airshow and have remained committed, despite the current coronavirus situation.

The Ba Yi Aerobatics team from the People’s Liberation Army Air Force have specially flown in for the first time. This also marks 30 years of diplomatic ties between China and Singapore. Such was their commitment to come, that they took special precautions several weeks before and during their time here, to ensure that they are not affected by the viral outbreak.

We also have the F-22 Raptors from the United States Air Force, and the F-35B Joint Strike Fighters from the United States Marine Corps. For the first time ever, the US will be flying the F-22 and F-35B over our air space.

The US and Chinese teams will be joined by our RSAF Aerial Display Team, whose aerial display will comprise the F-15SG and the AH-64D Apache helicopters. These performances will be a delight to look forward to during the Airshow.

Once again, a big thank you to all exhibitors, participants, and the aerial display teams. Your strong contributions have made this Singapore Airshow possible and also to all visitors for supporting the event.

With that, I declare the Singapore Airshow 2020 open. I wish all of you a pleasant evening. Thank you.

Source: Prime Minister’s Office Singapore