Therma Bright Announces Closing of CAD$6 Million Private Placement with Institutional Investors
Toronto, Ontario--(Newsfile Corp. - February 18, 2022) - Therma Bright Inc. (TSXV: THRM) (OTCQB: TBRIF) ("Therma" or the "Company"), developer of its smart-enabled AcuVid™ COVID-19 Rapid Antigen Saliva Test and other progressive diagnostic and medical device technologies, is pleased to announce that it has closed its previously announced private placement to institutional investors of its common shares ("Common Shares") (or Common Share equivalents) and warrants to purchase Common Shares ("Warrants") for gross proceeds of CAD$6 million (the "Private Placement"). Pursuant to the Private Placement, the Company issued 20,000,000 Common Shares and Warrants to purchase up to an aggregate of 20,000,000 Common Shares at a purchase price of CAD$0.30 per Common Share and associated Warrant. Each Warrant entitles the holder to purchase Common Shares at an exercise price of CAD$0.375 per Common Share at any time on or prior to February 18, 2027.
H.C. Wainwright & Co. acted as the exclusive placement agent for the Private Placement. H.C. Wainwright & Co. (or its designees) received (i) a cash commission of CAD$480,000 (equal to 8.0% of the gross proceeds of the Private Placement) and (ii) 1,600,000 compensation warrants (the "Agent Warrants"). The Agent Warrants are exercisable at an exercise price of CAD$0.375 per Common Share at any time on or before February 18, 2027.
The net proceeds of the Private Placement will be used by the Company for general working capital purposes, giving Therma Bright flexibility in executing its business plans and taking advantage of growth opportunities with its progressive diagnostic and medical device technologies. No securities were offered or sold to Canadian residents in connection with the Private Placement.