Enters into Securities for Services Agreement, Debt Settle. Toronto, Ontario--(Newsfile Corp. - August 12, 2021) - Therma Bright Inc. (TSXV: THRM) ("Therma" or the "Company"), developer of its 'smart-enabled' AcuVid™ COVID-19 Rapid Antigen Saliva Test and other progressive diagnostic and medical device technologies, advises that it has entered into a securities for services agreement with a consultant to provide services related to the development and opening up of new retail distribution channels/outlets for the Company and the development and opening up of new value-added resellers for the Company. In consideration for its services, Therma Bright will issue up to 800,000 warrants, in tranches, upon certain milestones being met. The Company has now received TSXV approval to this agreement and accordingly has issued 700,000 warrants, with each warrant being exercisable for one common share for two years at a price of $0.46. All of these securities are subject to a hold period expiring December 13, 2021 in accordance with applicable securities laws and the policies of the TSXV.
The Company also advises that it has cancelled two securities for services consulting agreements previously announced May 6, 2021 and April 22, 2021.
Therma Bright also announces that it has negotiated a debt settlement with an arm's length creditor. Pursuant to the debt settlement agreement, and subject to acceptance by the TSX Venture Exchange, the Company has agreed to settle outstanding debt of $47,500 in consideration for which it will issue 118,750 common shares at a deemed price of $0.40 per share. All shares issued in relation to this debt settlement will be subject to a hold period expiring four months + one day after the date the shares are issued, in accordance with applicable securities laws and the policies of the TSX Venture Exchange.
The Company also announces that pursuant to the Company's 10% rolling stock option plan and in compliance with the policies of the TSX Venture Exchange, it has granted incentive stock options to certain directors, officers and consultants of the Company to purchase up to an aggregate of 3,000,000 common shares of the Company. These options are exercisable for a period of 3 years at a price of $0.55 per share.