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Therma Bright to raise C$2.5M in equity financing

Therma Bright Inc. said it will extend the closing date of an equity financing by 30 days from June 11.

The company is looking to raise proceeds of up to C$2.5 million in a nonbrokered private placement of units priced 5 Canadian cents apiece.

Each unit consists of one common share and one warrant to buy one common share for three years at an exercise price of 5 cents per share in the first year and for 10 cents per share in the next years.

The company issued 6 million units during the first closing of the transaction on April 27.

Closing of the offering's second tranche is expected to occur within the next 30 days, subject to TSX Venture Exchange's approval.

The company said it will use proceeds from the financing for general working capital.

Toronto-based Therma Bright develops and markets thermal therapy technology to provide topical relief to skin irritations caused by insect bites and stings.