The 36-month master lease agreement was arranged through MFP Financial Services. In connection with the financing, MFP will receive up to 200,000 warrants exercisable into one common share for 24 months at an exercise price of $0.50 per share.
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Radiant says it will direct the new funds toward upgrades at its data centers in Toronto and Vancouver, doubling its capacity for DSL connections at each site, and doubling its Web hosting capacity for shared and managed servers. Radiant will also deploy an advanced mail architecture designed to increase scalability, security and collaboration capabilities.
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“We are pleased to have secured appropriate financing for further expansion,” said Jim Grey, president and CEO of Radiant Communications. “As businesses increasingly move to IP based communications and services, Radiant is ideally positioned to deliver a full spectrum of solutions.”
