Mr. Rob Fia reports
THERMA BRIGHT ANNOUNCES UP TO $420,000 NON-BROKERED PRIVATE PLACEMENT
Therma Bright Inc. proposes to undertake a non-brokered private placement of up to 14 million common shares at a price of three cents per share for total proceeds of up to $420,000. In accordance with the policies of the TSX Venture Exchange, the company is relying on a minimum pricing exception to issue securities at less than five cents per listed security.
The proposed use of proceeds from the offering is: (i) to pay an initial deposit in relation to the manufacturing of products ($120,000); (ii) to complete a consumer marketing analysis ($50,000); (iii) to pay persons conducting investor relations activities (up to $42,000); (iv) to pay outstanding amounts owing to management for reimbursement of expenses they paid on behalf of the company and for partial payment of outstanding accrued salaries ($40,000); and (v) to pay other outstanding debt and to finance general working capital ($168,000).
The shares will be offered to qualified investors in reliance upon exemptions from the prospectus and registration requirements of applicable securities legislation. The company may pay finders' fees to eligible finders in connection with the offering, subject to compliance with applicable securities laws and the policies of the TSX Venture Exchange.
Directors and officers may participate in the offering. Participation by directors and officers will constitute a related party transaction as defined under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. Such participation is expected to be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the securities that may be acquired by the insiders, nor the consideration for the securities that will be paid by such insiders, is expected to exceed 25 per cent of the company's market capitalization.
All securities issued and sold under the offering will be subject to a hold period expiring four months and one day from their date of issuance.
Completion of the offering and the payment of any finders' fees are subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.
About Therma Bright Inc.
Therma Bright is a developer and investment partner specializing in advanced diagnostic and medical device technologies. The company's portfolio includes innovative solutions for vascular health, respiratory diagnostics and topical treatments. Therma Bright is listed on the TSX Venture Exchange (THRM), the OTCQB (TBRIF) and the Frankfurt Stock Exchange (JNX0).
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