OTC:CC - Ocumetics Announces Completion of First Tranche of Unit Private Placement
(TheNewswire)
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 privateplacement previously announced by the Corporation on June 22,2023.
The Corporation has issued an aggregate of 1,880,868units (“ Units ”) at a price of $0.30 per unit for aggregate grossproceeds of $564,260.40. Each Unit consists of one common share inthe share capital of the Corporation (“ Common Share ”) andone-half of one common share purchase warrant. Each whole warrant(“ Warrant ”) entitles the holder to purchase one additional CommonShare at an exercise price of $0.60 for a period of two years from thedate of issuance of the Warrant.
The total offering is for of up to 3,333,333 Units at aprice of $0.30 for total gross proceeds of $1,000,000. TheCorporation intends to close the rest of the offering in one or moresubsequent tranches.
100% of the net proceeds are expected to be used forongoing research and development, although the actual allocation ofproceeds may vary from the uses set out above, depending upon futureoperations, events or opportunities.
All securities issued under the Private Placement aresubject to a hold period of four months and one day.
Closing of the Private Placement was subject to theconditional approval from the TSX Venture Exchange, which wasobtained.
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, whileconsidered reasonable, are subject to known and unknown risks,uncertainties, and other factors which may cause the actual resultsand future events to differ materially from those expressed or impliedby such forward-looking statements. Such factors include but are notlimited to: operational matters, historical trends, current conditionsand expected future developments, access to financing as well as otherconsiderations that are believed to be appropriate in thecircumstances. There can be no assurance that such statements willprove to be accurate, as actual results and future events could differmaterially 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 orrevise any forward-looking statements, whether as a result of newinformation, future events or otherwise, except as required bylaw.
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