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Therma Bright Announces up to $1,000,000 Private Placement Financing with Insider Participation and Debt Settlements
Toronto, Ontario--(Newsfile Corp. - July 20, 2020) - Therma Bright Inc. (TSXV: THRM) (" Therma...
About this update from Therma Bright Inc.
[{"type":"text","content":"Therma Bright Announces up to $1,000,000 Private Placement Financing with Insider Participation and Debt SettlementsToronto, Ontario--(Newsfile Corp. - July 20, 2020) - Therma Bright Inc. (TSXV: THRM) (\"Therma\" or the \"Company\"), a progressive medical device technology company, is pleased to announce that it proposes to undertake a non-brokered private placement (the \"Private Placement\") of up to 13,333,334 units (\"Units\") at a price of $0.075 per Unit for proceeds of $1,000,000 if the Private Placement is fully subscribed. Each Unit will consist of one common share of the Company and one-half (0.5) of one common share purchase warrant. Each whole warrant will be exercisable for one additional common share of the Company at a price of $0.15 for a period of 6 months from the closing date of the Private Placement. The securities will be offered to qualified purchasers in reliance upon exemptions from prospectus and registration requirements of applicable securities legislation. A finder's fee in cash or shares may be paid to eligible finders in relation to this financing. Proceeds from this financing will be used for general operating purposes. This Private Placement is subject to approval by the TSX Venture Exchange (\"TSXV\").The Company also announces that certain directors, officers and close associates of the Company plan to collectively sell up to 1,200,000 shares of the Company commencing on July 20, 2020, through the facilities of the TSXV, and will use the net proceeds of the sales to subscribe for up to 1,600,000 Units. The subscription of Units to insiders pursuant to the private placement is considered to be a \"related party\" transaction subject to Multilateral Instrument 61-101 (\"MI 61-101\"). The Company intends to rely on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of MI 61-101 on the basis that participation in the private placement by insiders will not exceed 25% of the fair market value of the Company's market capitalization.The Company has also negotiated debt settlement with arm's length and non-arm's length creditors. Pursuant to the debt settlement agreements, and subject to acceptance by the TSXV, the Company has settled aggregate debt of $280,000 outstanding as at June 30, 2020, in consideration for which it will is...