Business
The Jenex Corporation Announces Private Placement
TORONTO, ON / ACCESSWIRE / October 9, 2015 / The Jenex Corporation (TSXV: JEN.H) (" Jenex " ...
About this update from Therma Bright Inc.
[{"type":"text","content":"The Jenex Corporation Announces Private PlacementTORONTO, ON / ACCESSWIRE / October 9, 2015 / The Jenex Corporation (TSXV: JEN.H) (\"Jenex\" or the \"Company\") announces that it proposes to raise up to $500,000 from the sale of units (the \"Units\") at a price of $0.025 each, on a brokered private placement basis. Each Unit will consist of one common share and one-half of one warrant. Each whole warrant is exercisable for one common share during the 12 months following the first closing at an exercise price of $0.05.\nProceeds from the private placement will be used for product development (approximately $125,000), marketing (approximately $75,000), consulting, professional fees and commissions (approximately $50,000), debt repayment (approximately $60,000) and working capital to cover future administration fees, legal, audit and listing fees (approximately $190,000), assuming the offering is fully subscribed. The repayment of debt will reimburse members of the board of directors or their affiliates for loans made to Jenex to fund ISO 13485 certification, audit fees, stock exchange fees and transfer agent fees.\nJenex has engaged Kingsdale Capital Markets Inc. (the \"Agent\") to act as agent for the private placement on a commercially reasonable efforts basis. The Agent will receive a cash commission equal to 7.5% of the gross proceeds of the private placement and agent warrants equal to 10% of the Units issued in the private placement. Each agent warrant is exercisable for one Unit during the 12 months following the first closing at an exercise price of $0.05 per Unit.\nThe private placement is expected to be completed in one or more closings occurring no later than November 21, 2015.\nThe private placement is subject to reactivation of the Company's listing on tier 2 of the TSX Venture Exchange (the \"Exchange\") and approval of the Exchange. The Issuer is preparing an application for reactivation on the Exchange.\nJenex expects to issue units to subscribers who are related parties of Jenex under Multilateral Instrument 61-101 (\"MI 61-101\"). Jenex is exempt from the formal valuation requirement and shareholder approval requirement of MI 61-101, as described in more detail in the material change report to be filed in connection with this private placement. Having regard to these exemptions and the Company's desire to close t...