Toronto, Ontario–(Newsfile Corp. – August 6, 2020) – Therma Bright Inc. (TSXV: THRM), (“Therma” or the “Company“), a progressive medical device technology company, announces that it has completed the closing of its non-brokered private placement (the “Offering“) previously announced on July 20, 2020 and increased July 22, 2020. The Company has issued 16,666,667 units for gross proceeds of $1,250,000. No finder’s fee was paid in conjunction with the Offering. All securities issued are subject to a four month hold period expiring December 6, 2020, in accordance with applicable securities laws and the policies of the TSX Venture Exchange.
Insiders of the Company purchased a total of 2,866,667 units under the private placement, which is considered a related party transaction within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“). The Company relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(a), respectively, of MI 61-101 in respect of such insider participation. No new insiders and no control persons were created in connection with the private placement.
Rob Fia, the Company’s President & CEO, stated: “We are very pleased with the interest and positive market response for our private placement. Management and Board members participated for $215,000 in this private placement which exemplifies our team’s strong belief in our technology and the Company’s prospects.”
