Radient Technologies Inc. completed the acquisition of Tunaaaa Room Xtracts Inc. for $8.075 million.
As of November 29, 2021, Radient Technologies signed Definitive Agreement to acquire Tunaaaa Room Xtracts Inc. from Tunaaaa Room Inc. for $8.075 million. Pursuant to the Definitive Agreement, Radient will acquire Tunaaaa for 70 million common shares of Radient priced at CAD 0.12 per share and 15 million warrants of Radient exercisable at a price of CAD 0.15 per share for a period of two years following the closing of the Acquisition, and up to 25 million common shares of Radient at a deemed price of CAD 0.12 per share issued contingently upon certain revenue performance milestone achievements following the closing of the Acquisition. Radient will also pay 4% royalty on all gross sales of TRX products if the revenue is greater than $0.5 million in a month. As of November 29, 2021, the transaction is expected to close prior to December 31, 2021.
As of January 6, 2022 Tunaaaa Room Inc. was replaced as a shareholder and vendor of the Target by its two shareholders.
Radient Technologies Inc. (TSXV:RTI) completed the acquisition of Tunaaaa Room Xtracts Inc. on January 28, 2022. Radient will pay 1% royalty on all gross sales of TRX products.