Ocumetics Technology Corp. (TSXV: OTC) (OTCQB: OTCFF) (FRA: 2QBO) announced today that it has completed the second tranche of its previously announced private placement, issuing 6.25 million units at $0.40 per unit for gross proceeds of $2.5 million. This brings the total raised under the offering to $2,948,130. The company is developing a dynamic intraocular lens intended to replace corrective lenses, and the funds will support its first-in-human clinical trials, ongoing research and development, and general working capital.
Each unit consists of one common share and one warrant, with each warrant exercisable to purchase an additional common share at $0.50 for three years. The warrants include an acceleration clause: if the volume-weighted average trading price of the common shares on the TSX Venture Exchange reaches at least $0.75 for 30 consecutive trading days, the expiry date may be accelerated to a date not less than 30 days after notice is provided.
In connection with the offering, Ocumetics paid Ventum Financial Corp. cash commissions of $200,000 and issued 500,000 warrants as finder's fees. The securities issued are subject to a statutory hold period of four months and one day from the date of issuance, and the finder warrants are non-transferable.
The offering is for up to 8 million units, with the remaining units expected to be closed in one or more subsequent tranches. The TSX Venture Exchange has granted conditional approval for the closing.
Ocumetics is a Canadian research and product development company focused on advanced vision correction solutions. Its lead technology is a dynamic intraocular lens that fits within the natural lens compartment of the eye, designed to allow the eye's natural muscle activity to shift focus from distance to near, eliminating the need for glasses or contact lenses. The company is currently in the first-in-human early feasibility study phase.
The company's forward-looking statements involve risks and uncertainties, including those related to clinical trials, financing, and regulatory approvals. Actual results may differ materially from those expressed or implied. Ocumetics disclaims any obligation to update forward-looking information except as required by law.
