Therma Bright Closes $854,500 First Tranche of Non-Brokered Private Placement
Summary
Toronto, Ontario--(Newsfile Corp. - June 10, 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 first tranche ("First Tranche") of its previously announced non-brokered private placement (the "Offering"). In accordance with the policies of the TSXV, the Company is relying on a minimum pricing exception to issue securities at less than $0.05 per listed security.The use of the proceeds from the Offering will include: (i) $250,000 will be investment in the Companys Digital Cough Technology (DCT) and InStatin Inc; (ii) $95,000 will cover outstanding amounts owing to management and directors of the Company; (iii) $30,000 will cover costs associated with Investor Relations; and (iv) the remaining balance will be used to fund general working capital, as well as cover other outstanding debt.Rob Fia, the CEO, President and a director of Therma participated in the First Tranche and purchased 17,500,000 units for $175,000. Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the securities that he acquired, nor the consideration for the securities that he paid, exceeded 25% of the Companys market capitalization.Prior to the First Tranche closing, Mr. Fia owned or controlled 11,218,744 shares of the Company representing approximately 3.6% of the outstanding Therma shares. Mr. Fia may acquire additional securities of the Company or dispose of Therma shares (through market or private transaction) from time to time.A copy of the related early warning report may be obtained under Thermas profile on the SEDAR+ website (www.sedarplus.ca) or from Therma at 345 Danforth Avenue, Toronto, Ontario M4K 1N7.The Company also announces that it has entered into a consulting agreement with Allele Communications, LLC ("Allele Communications") to provide investor relations including capital markets consultation and communications services including corporate video dissemination on social media, social engagement reporting, and other related services ("Engagement"). The forward-looking statements contained in this press release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements whether because of new information, future events or otherwise, except as required under applicable securities regulations.Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/212304