Toronto, Ontario–(Newsfile Corp. – July 22, 2020) – Therma Bright Inc. (TSXV: THRM) (“Therma” or the “Company“), a progressive medical device technology company, is pleased to announce that further to its news release of July 20, 2020, it has received interest above the previously announced private placement of up to 13,333,334 units at a price of $0.075 per Unit for gross proceeds of up to $1,000,000. Accordingly, the Company intends to increase the amount to be raised under its non-brokered private placement offering to $1,250,000 (up to 16,666,667 Units), subject to TSX Venture Exchange approval. Each Unit will be comprised of one common share of the Company and one-half (0.5) of one common share purchase warrant, and 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. All other terms of the offering remain as set out in the Company’s July 20, 2020 news release.
Further to the Company’s news release of July 20, 2020, the Company has also negotiated an additional $90,000 in debt settlements with arm’s length creditors. Consequently, the Company has now settled aggregate debt of $370,000 outstanding as at June 30, 2020, in consideration for which it will issue an aggregate of 4,625,000 common shares at a deemed price of $0.08 per share, subject to approval from the TSX Venture Exchange. All other terms of the Company’s debt settlement transactions remain as set out in the Company’s July 20, 2020 news release.
