Therma Bright Announces Closing of Over-Subscribed Private Placement for $1,250,000
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."
About Therma Bright Inc.
Therma Bright is a progressive medical device technology company focused on providing consumers and medical professionals with quality medical devices that address their medical and healthcare needs. The Company's initial breakthrough proprietary technology delivers effective, non-invasive and pain-free skincare. Therma Bright received a Class II medical device status from the FDA for its platform technology that is indicated for the relief of the pain, itch, and inflammation of a variety of insect bites or stings. The Company received clearance for the above claims from the US FDA in 1997.
Therma Bright Inc. trades on the TSXV (TSXV: THRM). For more information visit:
www.thermabright.com and www.coldsores.com.
For further information, please contact:
Therma Bright
Rob Fia, CEO
rfia@thermabright.com
https://finance.yahoo.com/news/therma-bright-announces-closing-over-200000524.html