mariarose wrote:
Therma Bright, Orpheus Medica letter of intent
2020-08-04 18:48 ET - Miscellaneous
The TSX Venture Exchange has accepted for filing documentation pertaining to a binding letter of intent dated July 6, 2020, between Therma Bright Inc. and an arm's-length vendor, Orpheus Medica Inc. Pursuant to the agreement, the company will partner with Orpheus in the development of a rapid saliva test for the detection of the virus (SARS-CoV-2) causing COVID-19 (the project). The company will provide financing in phases to Orpheus for the project, based on the achievement of certain milestones.
As consideration for the initial phase 1 of the project, the company will issue one million common shares and one million share purchase warrants to Orpheus. Each warrant entitles the holder to acquire one common share at a price of five cents for a five-year period. Further financing in the amount of up to $1-million may be provided by the company for phase 2 and phase 3 of the project, based on the achievement of the predefined milestones.
For further details, please refer to the company's news release dated July 7, 2020.
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