Ocumetics Technology Corp. (TSXV: OTC) (OTCQB: OTCFF) (FRA: 2QBO) has announced the completion of the second tranche of its previously announced unit private placement. The company issued 6,250,000 units at a price of $0.40 per unit, generating gross proceeds of $2,500,000. Each unit consists of one common share and one common share purchase warrant, with each warrant entitling the holder to purchase an additional common share at an exercise price of $0.50 for a period of three years from the date of issuance.
To date, Ocumetics has raised an aggregate of $2,948,130 in gross proceeds under the offering, which is structured to raise up to $3,200,000 through the issuance of up to 8,000,000 units. The company intends to close the remaining portion of the offering in one or more subsequent tranches.
In connection with the placement, Ocumetics paid Ventum Financial Corp. cash commissions of $200,000 and issued 500,000 warrants as finder’s fees. The warrants are subject to an acceleration clause: if the volume-weighted average trading price of the common shares on the TSX Venture Exchange reaches at least $0.75 per share for 30 consecutive trading days, the expiry date may be accelerated to a date not less than 30 days after notice is provided to warrant holders.
The net proceeds from the offering are expected to be used to fund the company’s continuing first-in-human clinical trials, ongoing research and development, and general working capital. However, the actual allocation may vary depending on future operations, events, or opportunities.
All securities issued under this tranche are subject to a hold period of four months and one day from the date of issuance, and any warrants issued to finders are non-transferable. The offering was subject to conditional approval from the TSX Venture Exchange, which has been obtained.
Ocumetics is a Canadian research and product development company focused on advanced vision correction solutions. Its flagship technology is a dynamic intraocular lens designed to fit within the natural lens compartment of the eye, potentially eliminating the need for corrective lenses. The lens is intended to allow the eye’s natural muscle activity to shift focus from distance to near, providing clear vision at all distances without glasses or contact lenses and without perceptible time lag. The company is currently in the first-in-human early feasibility study phase of this technology.
The completion of this financing is a critical step for Ocumetics as it advances its clinical trials and moves closer to bringing a potentially transformative product to the ophthalmic market. The successful capital raise underscores investor confidence in the company’s technology and its potential to disrupt the traditional vision correction industry.
