Therma Bright ( OTCQB:TBRIF ) proposes to undertake a non-brokered private placement of up to 100M units priced at $0.01/unit for total proceeds of $1M . Each unit will be comprised of one common share in the capital of the Company and one-half non-transferable common share purchase warrant.
Each full warrant will entitle the holder to purchase over three years one additional share at an exercise price of $0.05 during the 1st year and $0.10 during the 2nd and 3rd years.
The proposed use of proceeds from the Offering is ~$0.25M of the gross proceeds will be used for the Co.'s investment in its Digital Cough technology and InStatin; ~$95K will be used to pay outstanding amounts owing to management and directors and the balance of the proceeds will be used to pay other outstanding debt and to fund general working capital.
The Offering is expected to close on or before June 7 th , 2024. More on Therma Bright Inc. Financial information for Therma Bright Inc.
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