OTC:CC - Ocumetics Announces Completion of First Tranche of Debenture Private Placement for Net Proceeds of CA$2.82 Million
(TheNewswire)
Calgary, Alberta – May 24, 2024 - TheNewswire . Ocumetics TechnologyCorp. (“ Ocumetics ” or the “ Corporation ”)( TSXV: OTC) (OTCQB: OTCFF) (FRA: 2QBO) announcesthat it has completed the first tranche of the private placement ofdebentures previously announced by the Corporation on May 15,2024.
The Corporation has issued secured convertible debentures having an aggregate face valueprincipal amount of $3,000,000 (the “ Principal ”). Thedebentures were subject to an original issue discount of 6%, resultingin net proceeds to the Corporation of $2,820,000 (the “ Net Proceeds ”),less expenses incurred by the lenders in respect of the offering. The debentures bear interest at a rate of 18% per annum, compoundedannually. The Debentures will mature, and Principal and interestwill be payable by the Corporation, on the date which is two yearsfrom the date of issue. The Corporation may prepay the indebtednessunder the debentures at any time upon ninety (90) days prior writtennotice, without penalty.
Principal is convertible at the option of the holderinto common shares of the Corporation at a conversion price of $0.32per share. Interest will be convertible into common shares of theCorporation pursuant to shares for debt applications, from time totime, at the option of the debenture holders. The debentures aresecured by a general security agreement on the personal property ofthe Corporation. The debentures and the common shares issuable uponthe conversion of the debentures are subject to a four month holdperiod.
The total offering is for up to $4,000,000 ofdebentures. The Corporation intends to close the rest of theoffering in one or more subsequent tranches.
100% of the Net Proceeds are expected to be used tofund the Corporation’s first in-human clinical trials and forongoing research and development. Although the Corporation intendsto use the proceeds of the offering as described above, the actualallocation of proceeds may vary from the uses set out above, dependingupon future operations, events or opportunities.
Closing of the Private Placement was subject to theconditional approval from the TSX Venture Exchange, which wasobtained.
“With tranche one of this funding in hand, we willimmediately put in motion the critical steps leading to our firstin-human trials in the Dominican Republic planned later this year,”says, Dean Burns, President and CEO of Ocumetics.
About Ocumetics
Ocumetics Technology Corp. ( TSXV: OTC) (OTCQB: OTCFF) (FRA: 2QBO)is a Canadian research and product development company thatspecializes in adaptive lens designs. Ocumetics is in thepreclinical study stage of a game-changing technology for theophthalmic industry. Ocumetics has developed an expandableintraocular lens that fits within the natural lens compartment of theeye potentially to eliminate the need for corrective lenses. It isdesigned to allow the eye’s natural muscle activity to shift focusfrom distance to near.
FOR FURTHER INFORMATION, PLEASECONTACT:
Dean Burns Dayton Marks
President and CEO Director
(817) 874-7564 (778) 347-2500
Neither the TSXVenture Exchange nor its Regulation Services Provider (as that term isdefined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKINGINFORMATION: This news release includes certain “forward-lookingstatements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to,statements with respect to the commencement, timing and scope of theresearch and development to be conducted by the Corporation mentionedabove. Forward-looking statements are necessarily based upon anumber of estimates and assumptions that, while considered reasonable,are subject to known and unknown risks, uncertainties, and otherfactors which may cause the actual results and future events to differmaterially from those expressed or implied by such forward-lookingstatements. Such factors include but are not limited to: operationalmatters, historical trends, current conditions and expected futuredevelopments, access to financing as well as other considerations thatare believed to be appropriate in the circumstances. There can be noassurance that such statements will prove to be accurate, as actualresults and future events could differ materially from thoseanticipated in such statements. Accordingly, readers should not placeundue reliance on forward-looking statements. The Corporationdisclaims any intention or obligation to update or revise anyforward-looking statements, whether as a result of new information,future events or otherwise, except as required by law.
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