October 2, 2003 — (WEB HOST INDUSTRY REVIEW) — Radiant Communications Corporation (radiant.net) said today it had reached an agreement in to issue up to 10 million units in a private placement for gross proceeds of up to $4 million.
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The placement will be sold to a group of investors that include Working Opportunity Fund Ltd., Pacific Venture Fund Limited Partnership and Toll Cross Securities Inc. The company said the offering will be used for general working capital to faciliate ongoing growth.
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“With this offering, Radiant is well positioned to take further steps in our growth strategy,” said Jim Grey, president and CEO of Radiant. “Radiant continues to experience strong growth in providing businesses with solutions that use high speed secure IP communications, high availability Web hosting and custom Web development and marketing services.”
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The offering is expected to close October 31, 2003 and is subject to regulatory approvals.
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“Radiant is a well managed company with a proven track record of growth and a reputation for outstanding customer service,” said Marc Bouchard, president and CEO of Toll Cross Investments Inc. and chairman of Toll Cross Securities Inc. “We are pleased to be able to be part of this Canadian success story.”
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Radiant provides DSL, Web hosting and other communications services. The company is based in Vancouver, British Columbia, and trades on the TSX Venture Exchange in Toronto.
