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Therma Bright Closes Second & Final Tranche of Fully Subscribed Non-Brokered Private Placement
Toronto, Ontario--(Newsfile Corp. - June 21, 2024) - Therma Bright Inc. (TSXV: THRM) (OTCQB: TBRI...
About this update from Therma Bright Inc.
[{"type":"text","content":"Therma Bright Closes Second & Final Tranche of Fully Subscribed Non-Brokered Private PlacementToronto, Ontario--(Newsfile Corp. - June 21, 2024) - Therma Bright Inc. (TSXV: THRM) (OTCQB: TBRIF) (\"Therma\" or the \"Company\"), a developer and investment partner in a wide range of leading-edge, proprietary diagnostic and medical device technologies, is pleased to announce that it has completed the second and final tranche (\"Final Tranche\") of its previously announced $1,000,0000 non-brokered private placement (the \"Offering\"). Under the Final Tranche, Therma issued 14,550,000 units priced at $0.01 per unit for total proceeds of $145,500. In accordance with the policies of the TSX Venture Exchange (the \"TSXV\"), the Company is relying on a minimum pricing exception to issue securities at less than $0.05 per listed security. No finder's fee was paid in connection with the Final Tranche. All securities issued under the Final Tranche are subject to a hold period expiring October 21, 2024, in accordance with applicable securities laws and the policies of the TSXV. Together with the first tranche closing on June 10, 2024, the Company has now raised a total of $1,000,000 from the sale of 100,000,000 units.A director and officer of the Company (the \"Insider\") participated in the Final Tranche and purchased 1,100,000 Units for $11,000. Participation by the Insider in the private placement is considered a \"related party transaction\" pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company is exempt from the requirements to obtain a formal valuation and minority shareholder approval in connection with the Insider's participation in the private placement in reliance of sections 5.5(a) and 5.7(a) of MI 61-101, respectively, on the basis that participation in the Offering by the Insider did not exceed 25% of the fair market value of the Company's market capitalization. The Company did not file a material change report at least 21 days prior to the closing of the Offering, as the participation of the Insider had not been confirmed at that time.\"We've had a great deal of interest from investors because of all the great work we have been accomplishing with our Venowave's pending CPT and HCPCS codes from Centers of Medicare and Medicaid (CMS) and our Digital...