Ocumetics Announces Completion of First Tranche of Unit Private Placement

Ocumetics Announces Completion of First Tranche of Unit Private Placement

(TheNewswire)

Ocumetics Technology Corp.

Calgary, Alberta TheNewswire - July 25, 2023.  Ocumetics Technology Corp. (" Ocumetics " or the " Corporation ") ( TSXV:OTC) (OTC:OTCFF) (FRA:2QBO) announces that it has completed the first tranche of the private placement previously announced by the Corporation on June 22, 2023.

The Corporation has issued an aggregate of 1,880,868 units (" Units ") at a price of $0.30 per unit for aggregate gross proceeds of $564,260.40.  Each Unit consists of one common share in the share capital of the Corporation (" Common Share ") and one-half of one common share purchase warrant.  Each whole warrant (" Warrant ") entitles the holder to purchase one additional Common Share at an exercise price of $0.60 for a period of two years from the date of issuance of the Warrant.

The total offering is for of up to 3,333,333 Units at a price of $0.30 for total gross proceeds of $1,000,000.  The Corporation intends to close the rest of the offering in one or more subsequent tranches.

100% of the net proceeds are expected to be used for ongoing research and development, although the actual allocation of proceeds may vary from the uses set out above, depending upon future operations, events or opportunities.

All securities issued under the Private Placement are subject to a hold period of four months and one day.

Closing of the Private Placement was subject to the conditional approval from the TSX Venture Exchange, which was obtained.

About Ocumetics

Ocumetics Technology Corp. ( TSXV: OTC) (OTCQB: OTCFF) (FRA: 2QBO) is a Canadian research and product development company that specializes in adaptive lens designs.  Ocumetics is in the preclinical study stage of a game-changing technology for the ophthalmic industry.  Ocumetics has developed an expandable intraocular lens that fits within the natural lens compartment of the eye potentially to eliminate the need for corrective lenses.  It is designed to allow the eye's natural muscle activity to shift focus from distance to near.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Dean Burns                                Dayton Marks

President and CEO                        Director

(817) 874-7564                                (778) 347-2500

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation.  Forward-looking statements include, but are not limited to, statements with respect to the commencement, timing and scope of the research and development to be conducted by the Corporation mentioned above.  Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include but are not limited to: operational matters, historical trends, current conditions and expected future developments, access to financing as well as other considerations that are believed to be appropriate in the circumstances.  There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.  The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Copyright (c) 2023 TheNewswire - All rights reserved.

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(TheNewswire)

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AbbVie Biotech Innovators Award. (CNW Group/AbbVie Canada)

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For more information on the AbbVie Biotech Innovators Award, please visit: https://spinup.utm.utoronto.ca/biotech-innovators-award/ .

About AbbVie
AbbVie's mission is to discover and deliver innovative medicines and solutions that solve serious health issues today and address the medical challenges of tomorrow. We strive to have a remarkable impact on people's lives across several key therapeutic areas – immunology, oncology, neuroscience, and eye care – and products and services in our Allergan Aesthetics portfolio.

For more information about AbbVie, please visit us at www.abbvie.ca . Follow AbbVie Canada on Instagram or find us on LinkedIn .

About SpinUp
SpinUp is the first wet lab startup incubator at the University of Toronto , Canada's leading centre for learning and discovery and one of the world's top-two universities for health science productivity . SpinUp is purpose built to drive life science innovation. It offers early-stage start-ups access to outstanding and highly subsidized wet lab space, equipment, entrepreneurship programming and expertise at a brand new, state-of-the-art research facility at U of T's Mississauga campus. Visit our website at spinup.utm.utoronto.ca and connect with us on Instagram and LinkedIn .

SpinUp is proudly part of U of T Entrepreneurship , a network of 12 accelerators across three campuses. Over the past 10 years, this network has supported more than 1,200 capital-backed companies, which have created 17,000 jobs and raised $12 billion in external investment. U of T now launches more research-based start-ups than any university in North America outside of MIT . The AbbVie Biotech Innovators Award is part of U of T Mississauga's Blue Ticket program at SpinUp, which provides a one-year SpinUp membership.

About Neuropeutics Inc  
Neuropeutics is a for-profit Canadian pharmaceutical company developing targeted therapies to extend neurodegenerative disease patients' survival and improve their quality of life. To learn more, please visit us at www.neuropeutics.ca , contact us at info@neuropeutics.ca , and connect with us on LinkedIn .

Neuropeutics Inc CSO & co-founder Dr. Janice Robertson (left) and Dr. Marc Shenouda, CEO & Co-Founder. (CNW Group/AbbVie Canada)

SOURCE AbbVie Canada

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