Therma Bright Inc (TSX-V:THRM, OTC:TBRIF) announced that it has entered into a securities purchase agreement with institutional investors for a private placement of its common shares to raise gross proceeds of C$6 million.
The company said it will issue 20 million Therma Bright common shares plus warrants to purchase up to a total of 20 million common shares at a purchase price of C$0.30 per share.
Each warrant will entitle the holder to purchase common shares at an exercise price of C$0.375 per share for a period of five years following the issuance date.
READ: Therma Bright says clinical study of its AcuVid COVID-19 Rapid Antigen Saliva Test successfully exceeded FDA EUA requirements
Therma Bright noted net proceeds of the private placement will be used for general working capital purposes.
It added that the offering is expected to close on or about February 18, 2022, subject to satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive placement agent for the private placement.
Therma Bright, a developer of the smart-enabled AcuVid COVID-19 Rapid Antigen Saliva Test, is a progressive medical diagnostic and device technology company focused on providing consumers and medical professionals with innovative solutions that address important medical and healthcare challenges.
Contact Sean at sean@proactiveinvestors.com