VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 31, 2017) - Aurora Cannabis Inc. (the "Company" or "Aurora") (TSX VENTURE:ACB)(ACBFF)(21P.F)(WKN:A1C4WM) and Radient Technologies ("Radient") (TSX VENTURE:RTI) are pleased to provide an update on their previously announced collaboration arrangements.
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 MAP™ technology for cannabis extraction. Initial work under the study is ongoing.
As part of the MOU, Aurora will, subject to certain conditions precedent being satisfied, invest up to $2 million into Radient by means of a convertible debenture (the "Debenture"). The Debenture will have a term of 2 years, bear interest at 10% per annum and will be convertible into units (each, a "Unit") 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.
Aurora and Radient will provide a further update at such time as Aurora has made its final determination in regards its investment in the Debenture.
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.
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) and operates a 55,200 square foot, expandable, state-of-the-art production facility in Mountain View County, Alberta, Canada. Aurora trades on the TSX Venture Exchange under the symbol "ACB".
On behalf of the Board of Directors,
AURORA CANNABIS INC.
Terry Booth, CEO
On behalf of the Board of Directors,
RADIENT TECHNOLOGIES INC.
Denis Taschuk, 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 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.