Ocumetics Announces Completion of Unit Private Placement

Ocumetics Technology Corp. (“ Ocumetics ” or the “ Corporation ”) ( TSXV:OTC) (OTC:OTCFF) (FRA:2QBO) announces that it has completed the private placement previously announced by the Corporation on November 15, 2023 and December 21, 2023.

The Corporation issued an aggregate of 1,301,875 units (“ Units ”) pursuant to the private placement, at a price of $0.32, for total gross proceeds of $416,600.00. 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 $0.64 for a period of two years from the date of issuance of the Warrant.

The Corporation paid finders fees to Leede Jones Gable Inc. consisting of cash commissions of $200.00.

100% of the net proceeds are expected to be used to fund the Corporation’s first in-human clinical trials and 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.

Related Party Transaction

Dean Burns, the President and CEO of the Corporation, Garth Webb, the Chief Scientific Officer of the Corporation and Roger Jewett, the CFO of the Corporation, participated in the Private Placement. The Private Placement was therefore a “Related Party Transaction” under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“ MI 61-101 ”). The Corporation relied upon the exemptions from the minority shareholder approval and valuation requirements set out in Sections 5.7(1)(a) and 5.5(a), respectively, of MI 61-101. The Private Placement, including the subscriptions of Messrs Burns, Webb and Jewett, was approved unanimously by the directors of the Corporation by resolution.

A material change report regarding the Private Placement was not filed 21 days before the completion of the Private Placement as 21 days prior to the completion of the Private Placement, completion of the Private Placement was uncertain and therefore did not at that time constitute a material change.

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 and clinical trials 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.

Source

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