OTCFF - Ocumetics Announces Completion of Unit Private Placement
(TheNewswire)
Calgary, Alberta – TheNewswire – February 1, 2023- Ocumetics Technology Corp. (“ Ocumetics ” or the“ Corporation ”) ( TSXV:OTC) (OTC:OTCFF) (FRA:2QBO)announces that it has completed a private placement of 1,493,574 unitsof the Corporation (“ Units ”) at a price of $0.45 per Unit forgross proceeds of $672,108.15. Each Unit consists of one commonshare in the 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 $0.90 for a period of two years from thedate of issuance of the Warrant.
The Corporation may pay finder’s fees on all or aportion of the private placement to eligible persons seekingsubscribers to the financing, all in accordance with applicablesecurities laws and the policies of the TSX Venture Exchange (the“ Exchange ”).
100% of the net proceeds are expected to be used forongoing research and development. Although the Corporation intends touse 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.
All securities issued under the Private Placement aresubject to a hold period of four months and one day.
The Corporation paid finder’s fees in the amount of$4,185.00 to finders in exchange for their services under the PrivatePlacement.
Closing of the Private Placement was subject to theconditional approval from the TSX Venture Exchange, which wasobtained.
Related Party Transaction
Mark Lee, President and CEO of the Corporation,participated in the Private Placement. The Private Placement wastherefore a “Related Party Transaction” under MultilateralInstrument 61-101 – Protection of Minority Security Holders inSpecial Transactions (“ MI61-101 ”). The Corporation relied upon theexemptions from the minority shareholder approval and valuationrequirements set out in Sections 5.7(1)(a) and 5.5(a), respectively,of MI 61-101. The Private Placement was approved by the directors ofthe Corporation by resolution. Mr. Lee is not a director of theCorporation.
A material change report regarding the PrivatePlacement was not filed 21 days before the completion of the PrivatePlacement as 21 days prior to the completion of the Private Placement,completion of the Private Placement was uncertain and therefore didnot 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 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:
Dr. Mark Lee Mr. Dayton Marks
President and CEO Director
(604) 832-6052 (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 theclinical trial program outlined above and that it will be conducted asexpected. 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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