2238501 Alberta Ltd. signed letter of intent to acquire Edmonton I, II and III facilities from Radient Technologies Inc. (TSXV:RTI) CAD 20 million on January 14, 2020. Upon the closing of the Leaseback Transaction, 2238501 Alberta Ltd will lease the Land back to 1631807 Alberta Ltd., Radient’s wholly owned subsidiary, for a term of 20 years. Prior to the closing of the Transaction, a portion of the total Purchase Price, to be determined at a later date by all involved parties, will be advanced to Radient by the Purchaser in order to complete initial scheduled construction requirements at its Edmonton III facility. The Transaction has an implicit interest rate of 13% annually (CAD 2.6 million) against the Company’s entire Edmonton-based group of real estate assets, comprising approximately 112,500 sq. ft. of manufacturing space. The Company will use the net proceeds for general working capital purposes while completing the build out of its 89,000 sq. ft. Edmonton III manufacturing facility, and to repay existing long-term debt. The Transaction is subject to customary closing conditions, including entering into a definitive agreement of purchase and sale, and TSX Venture Exchange approval. The Transaction is expected to close by March 30, 2020. Radient Technologies will use the net proceeds of the Transaction to discharge a mortgage previously in place and amended with Moskowitz Capital Mortgage Fund II Inc. of CAD 8.5 million (together with certain early repayment fees) with the remainder to be utilized for general working capital purposes while completing the build out of its 89,000 sq. ft. Edmonton III facility. 2238501 Alberta Ltd. cancelled the acquisition of Edmonton I, II and III facilities from Radient Technologies Inc. (TSXV:RTI) on January 14, 2021.