Therma Bright Inc (TSX-V:THRM, OTC:TBRIF) said it has closed its previously announced private placement with institutional investors for gross proceeds of C$6 million.
The Toronto, Ontario-based medical diagnostic and device technology company said the funds will be used as working capital, giving the company flexibility in executing its business plans and making the most of growth opportunities.
Under the private placement, the company issued 20 million common shares and warrants at a price of C$0.30 per common share and associated warrant. Each warrant entitles the holder to purchase common shares at an exercise price of C$0.375 per common share at any time on or prior to February 18, 2027.
HC Wainwright acted as the exclusive placement agent for the private placement and received a cash commission of C$480,000 (equal to 8% of the gross proceeds of the private placement) and 1.6 million compensation warrants. The agent warrants are exercisable at a price of C$0.375 per common share at any time on or before February 18, 2027.
Therma Bright is behind the smart-enabled AcuVid COVID-19 Rapid Antigen Saliva Test. Therma Bright alsoreceived a Class II medical device status from the FDA for its platform technology that is indicated for the relief of the pain, itch, and inflammation of a variety of insect bites or stings.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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