VANCOUVER, Feb. 13, 2017 /CNW/ - Aurora Cannabis Inc. (the
"Company" or "Aurora") (TSXV: ACB) (OTCQB: ACBFF) (Frankfurt: 21P; WKN: A1C4WM) and Radient
Technologies ("Radient") (TSXV: RTI) are pleased to provide an
update on their previously announced collaboration
arrangements.
Project Update
As previously announced, the parties have entered into a
memorandum of understanding ("MOU") to evaluate an exclusive
partnership for the Canadian market with regard to the joint
development and commercialization of superior and standardized
cannabinoid extracts.
In accordance with the memorandum of understanding ("MOU"), the
parties, on January 4, 2017, entered
into a joint venture research agreement pursuant to which Radient
and Aurora are working to confirm the effectiveness of Radient's
MAPTM technology for cannabis extraction. Initial
results from the first phase of the study are encouraging. As a
result, the parties have agreed to move to the second phase of the
project, which includes preliminary scale-up activities. The second
phase of work under the study has commenced and is expected to take
approximately eight weeks.
"We are pleased with progress to date in assessing the
feasibility of this potentially ground breaking extraction
technology," said Terry Booth, CEO.
"The potential to substantially increase our extracts production
capacity while maintaining terpene profiles would further
differentiate our Company, and we are excited to be exploring this
opportunity further in the coming weeks."
Convertible Debenture
Aurora and Radient are also pleased to announce that Aurora has
completed its investment in the Radient convertible debenture,
announced initially on December 14,
2016 (the "Debenture"). The Debenture will have a principal
amount of $2 million, a term of 2
years, bear interest at 10% per annum, and will be convertible into
units of Radient at a conversion price of $0.14 per Unit. Each Unit will be comprised of
one common share of Radient and one share warrant, exercisable
within 24 months, for one common share of Radient at an exercise
price of $0.33 per warrant. The
Debenture will be repayable on demand from Aurora at any point
within five months from the date of issuance.
Radient Private Placement
Additionally, Aurora intends to participate as lead investor in
the private placement announced today by Radient. The Company
intends to invest up to $1.25 million
in the offering. Units in the offering, priced at $0.45 each, are comprised of one common share of
Radient and one half common share purchase warrant at a price of
$0.70 per common share.
Denis Taschuk, President and CEO
of Radient, stated "We are very encouraged with the initial
positive results generated through the collective efforts of the
Aurora and Radient teams, using our extraction expertise and
technology for cannabis extraction, and we feel confident in
meeting Aurora's objectives. Additionally, the increasing corporate
ties between Aurora and Radient and the funds raised provide us
both with the resources and the ideal platform to implement our go
to market strategy."
About Aurora
Aurora's wholly-owned subsidiary, Aurora Cannabis Enterprises
Inc., is a licensed producer of medical cannabis pursuant to Health
Canada's Access to Cannabis for Medical Purposes Regulations
(ACMPR). The Company operates a 55,200 square foot,
state-of-the-art production facility in Mountain View County,
Alberta, and is currently
constructing a second 800,000 square foot, highly automated
production facility at the Edmonton International Airport. Aurora trades
on the TSX Venture Exchange under the symbol "ACB".
About Radient
Radient extracts natural compounds from a range of biological
materials using its proprietary MAPTM natural product
extraction technology platform which provides superior customer
outcomes in terms of ingredient purity, yield, and cost. From its
initial 20,000 square foot manufacturing plant in Edmonton, Alberta, Radient serves market
leaders in industries that include pharmaceutical, food, beverage,
natural health, personal care and biofuel markets. Visit
www.radientinc.com for more information.
On behalf of the
Board of
Directors,
|
On behalf of the
Board of Directors
|
AURORA CANNABIS
INC.
|
RADIENT TECHNOLOGIES
INC.
|
|
|
Terry
Booth
|
Denis
Taschuk
|
CEO
|
President and
CEO
|
This news release contains certain "forward-looking
statements" within the meaning of such statements under applicable
securities law. The forward-looking statements include statements
about the completion of the collaboration arrangements, the
Offering and the use of proceeds thereof and Aurora's investment in
the Debenture. Forward-looking statements are frequently
characterized by words such as "plan", "continue", "expect",
"project", "intend", "believe", "anticipate", "estimate", "may",
"will", "potential", "proposed" and other similar words, or
statements that certain events or conditions "may" or "will" occur.
These statements are only predictions. Various assumptions were
used in drawing the conclusions or making the projections contained
in the forward-looking statements throughout this news release.
Forward-looking statements are based on the opinions and estimates
of management at the date the statements are made, and are subject
to a variety of risks and uncertainties and other factors that
could cause actual events or results to differ materially from
those projected in the forward-looking statements. The Company is
under no obligation, and expressly disclaims any intention or
obligation, to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as expressly required by applicable law.
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.
SOURCE Radient Technologies Inc.