Therma Bright Inc V.THRM

Enters into Securities for Services Agreement, Debt Settle.

[Betteryear2]

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.

 

[Ravens1]

this is shiit seriously. dilution lower than the sp, are they crazy loll probably .35 tomorrow FDA is now just a dream

[spygate]

Sure not the news release anyone was expecting...dilution and cheap shares for everyone...timing also aodd as they just gave themselves options before an expected big FDA news release? So either thats some nefarious activity or there isnt any FDA news imminant...neither answer is very pleasant is it

[Ravens1]

I read this as "be ready to receive a negative response from FDA because why play a 110k debt with cheap shares if million of $$$ coming with sales and FDA approval

[BUYSELL101]

Because it's a condition fda has before getting approval. Pay off debt. Just like your house...pay off cc before they give you mortgage approval. 

[Ravens1]

please post a link regarding your point about paying debt. Never heard about that

[hk1966]

Agreed...BS point being made about debt payoff as precondition for receiving approval. FDA is a licensing bureau not a credit agency. These two things (debt settlement and FDA approval) are unrelated matters.

[BUYSELL101]

Ok if u say so lol

[Ravens1]

Buysell101 king of BS I don't saying approval will not happen but with this news we are months away from it

[BUYSELL101]

King if bs? Who are you? I know 1000x more than u about this company I've been invested here with more money than u for very long time. Fda submitted exactly 3 weeks ago. Average time for fda approval is 2-3 weeks after submission. It should happen next 1-2 weeks at the latest...your sound like an idioot saying I'm the king of bs when you're just an idioot and u know nothing. I've

[Ravens1]

ok so lets go, I'm waiting for your expert prediction for the next month

[Hempminister]

Here's my prediction . I smell a nasty reverse split coming in the name of otcb of course . Let's see how bad they screw us

[Ravens1]

holy shiit, dilution and reverse split. How Rob can do worst than that ? 

[Greenrolls8]

This post has been removed in accordance with Community Policy

[spygate]

possibly the dumbest thing I have heard anyone say in a while...FDA doesnt give a you know what regarding your financial situation, they are there to approve or decline on the merit of your product...such nonsense and grasping at anything...

[TomConstantine]

Reality is they are low on cash. Let's hope they can survive.

[Kaiser]

Shouldn't you be pumping Agra LOL  so many fools here it's become a complete joke.  This board is toast and sadly ceo is coming the same.      

[mooseslayer]

Fkoff TomCon. Why don't you show where they are low on cash. More BS from dumbazz. They have a contract fro a MINIMUM of $10 million per year. They are selling the 15-minute antobody test and they have a number of other products. What a stupid statement that "hope they can make it"

[moonball32]

Sounds like revenue will be pushed off for a while, shares for cash - typically see that in start ups with little, to no cashflow. FDA could be several weeks away, any sales could be longer afterwards, not like flipping a switch. Revenue could be 30-60 from orders before it comes in, looking like a few more months before true picture realized, just hope sp holds up during the wait.

[nrv090909]

Excellent news, sky is the limit. 

[iwindaily780]

How the heck u figure this is good? Dilution below current share price - only positive is clearly these plans have been in the works for an extended period of time (they didn't begin these negotiations in the last week and get exchange approval, etc.) so perhaps it isn't related to the expected fda approval? I still don't see how this is positive, just shows they have no cash and don

[hk1966]

 Ice summation of the situation...neither good nor bad necessarily but acknowledging they need cash now to keep the lights on and sales aren't necessarily imminent. They are trying to do the best they can to buy time