OTCFF - Ocumetics Announces Corporate Changes
(TheNewswire)
Calgary, Alberta – TheNewswire - April 24, 2023. Ocumetics Technology Corp. (TSXV:OTC) (OTC:OTCFF) (FRA:2QBO) (the “ Corporation ” or“ Ocumetics ”) announces that Dr. Mark Lee has tendered his resignationas the Corporation’s President and Chief Executive Officer to takeeffect June 30, 2023. Dr. Lee will continue as the Corporation’sPresident and Chief Executive Officer until June 30, 2023 as theCorporation seeks to hire a new President and Chief Executive Officer. Dr. Lee has agreed to consult with the Corporation for a period upto one year after his departure on an as needed basis to assist in asmooth transition.
“On behalf of the Ocumetics board of directors, Iwould like to thank Mark for his contributions to Ocumetics,” saidDr. Garth Webb, Ocumetics’ Founder and Chairman of the Board. “Wewould not be where we are today without him. We wish him well in hisfuture endeavors.”
In connection with Dr. Lee’s resignation, subject tothe approval of the TSX Venture Exchange, the Corporation has agreedto pay Providential Holdings Inc., a corporation controlled by Dr.Lee, the amount of $300,000.00 payable in Common Shares of theCorporation, at a deemed price of $0.34 per share for a total of882,353 Common Shares.
The Corporation has also agreed to pay A Fresh ApproachInc. (“AFA”), a corporation controlled by Roger Jewett, the ChiefFinancial Officer of the Corporation, the amount of $284,000.00payable in Common Shares of the Corporation, at a deemed price of$0.34 per share for a total of 835,294 Common Shares, as a retentionbonus and in exchange for AFA’s agreement to waive any futureseverance to which it may be entitled. Mr. Jewett will remain theChief Financial Officer of the Corporation. This share issuance isalso subject to the approval of the TSX Venture Exchange.
The Corporation announces that it has issued 541,317 incentive stock options to Sandi Gilbert, adirector of the Corporation. Each option entitles the holder topurchase one common share in the capital of the Corporation at anexercise price per common share of $0.34 for a period of two years,vesting immediately. The stock options are nottransferrable. The common shares issued upon exercise of the stockoptions will be subject to a four-month resale restriction from thedate of grant. The options replace the 541,317 incentive stockoptions that were issued to Ms. Gilbert in November 2021, which havebeen cancelled with the consent of Ms. Gilbert.
In recognition of the significant progress made todate, as evidenced by the recently announced design lockdown, theCorporation has agreed that all outstanding stock options of theCorporation shall be immediately vested.
Related Party Transactions
Mark Lee is the President and CEO of the Corporationand Roger Jewett is the Chief Financial Officer of the Corporation. The issuance of shares to them referred to above, if approved by theTSX Venture Exchange, would therefore constitute “Related PartyTransactions” under Multilateral Instrument 61-101 – Protection ofMinority Security Holders in Special Transactions (“MI 61-101”). The Corporation relied upon the exemptions from the minorityshareholder approval and valuation requirements set out in Sections5.7(1)(a) and 5.5(a), respectively, of MI 61-101. The proposed shareissuances were unanimously approved by the directors of theCorporation by resolution.
About Ocumetics
Ocumetics Technology Corp. (TSXV: OTC) (OTCQB: OTCFF)(FRA: 2QBO) is a Canadian research and development company thatspecializes in adaptive intraocular 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 capsular bag followingextracapsular cataract extraction. It is designed to allow the eyesnatural muscle activity to shift focus from distance to near,potentially to eliminate the need for corrective lenses.
FOR FURTHER INFORMATION, PLEASECONTACT:
Dayton Marks
Director
(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
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