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Wednesday, February 16, 2022 9:56:28 AM

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$TBRIF Therma Bright Announces CAD$6 Million Private Placement with Institutional Investors

https://www.newsfilecorp.com/release/113962

Toronto, Ontario--(Newsfile Corp. - February 16, 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 entered into a securities purchase agreement with institutional investors for a private placement 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 will issue 20,000,000 Common Shares (or Common Share equivalents) 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 will entitle the holder to purchase Common Shares at an exercise price of CAD$0.375 per Common Share for a period of five years following the issuance date.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the Private Placement.

The net proceeds of the Private Placement will be used by the Company for general working capital purposes. No securities were offered or sold to Canadian residents in connection with the Private Placement. The Private Placement is expected to close on or about February 18, 2022, subject to satisfaction of customary closing conditions.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The securities referred in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, (the "U.S. Securities Act"), or any U.S. state securities laws, and such securities may not be offered or sold within the United States or to any U.S. person absent registration under U.S. federal and state securities laws or an applicable exemption from such U.S. registration requirements. "United States" and "U.S. person" have the respective meanings ascribed to them in Regulation S under the U.S. Securities Act.

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