Business
The Jenex Corporation Announces Approvals of Equity Financing & Move to TSX Venture Exchange (TSXV)
Toronto, Ontario--(Newsfile Corp. - September 19, 2017) - The Jenex Corporation (TSXV: JEN.H) ...
About this update from Therma Bright Inc.
[{"type":"text","content":"The Jenex Corporation Announces Approvals of Equity Financing & Move to TSX Venture Exchange (TSXV)Toronto, Ontario--(Newsfile Corp. - September 19, 2017) - The Jenex Corporation (TSXV: JEN.H) (\"Jenex\", or the \"Company\"), a progressive medical device technology company, today announced that it has completed a non-brokered private placement (the \"Private Placement Financing\") of 6,350,000 Units (\"Units\") of the Company at a price of $0.05 per Unit for gross proceeds of $317,500 and has received final stock exchange approval therefor. The Units were oversubscribed and approval was granted for a total offering of $317,500. Each Unit consists of one common share (\"Share\") and one common share purchase warrant (\"Warrant\"). Each Warrant entitles the holder to purchase one Share at a price of $0.08 for a period of one year from the date of issuance (each Warrant's term to be automatically extended to three years from issuance date if Jenex graduates from the NEX to the TSXV during the initial one-year period). The term of the Warrants also is subject to an acceleration right at the option of the Company, in the event that the Shares trade at or above $0.15 per Share for a full 10 consecutive trading days following the date which is four months and one day after the Closing Date, and the Company has provided Warrant holders with 30 days prior written notice of the accelerated Warrant exercise date.Insiders of the Company subscribed for 1,200,000 Units for gross proceeds of $60,000 under the Private Placement Financing. The shares issued to Messrs. Rob Fia (CEO & Chairman) and John Gamble (Independent Director) under the private placement was considered to be a related party transaction subject to TSXV Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions. The Company relied on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of Multilateral Instrument 61-101 on the basis that the value of securities that were purchased by Messrs. Fia & Gamble under the private placement did not exceed 25% of the fair market value of the Company's market capitalization. Jenex intends to use the net proceeds of the Private Placement Financing to fund the Company's product commercialization and manufactu...