OTC:CC - Ocumetics Announces Extension of Private Placement
(TheNewswire)
Calgary, Alberta – TheNewswire - December 21, 2023 - Ocumetics Technology Corp.(“ Ocumetics ” or the “ Corporation ”) (TSXV:OTC) (OTC:OTCFF)(FRA:2QBO) is pleased to announce that the TSX Venture Exchange hasgranted a 15-day extension to close the Corporation’s non-brokeredprivate placement announced on November 15, 2023. The new closingdeadline for the private placement is January 15, 2024.
The Corporation is proposing to issue up to 3,125,000units of the Corporation (“ Units ”) under the private placement at aprice of $0.32 per Unit for gross proceeds of up to $1,000,000. Therewill be no minimum subscription level for this offering. Each Unitwill consist of one common share in the share capital of theCorporation (“ CommonShare ”) and one-half of one common sharepurchase warrant. Each whole warrant (“ Warrant ”) willentitle the holder to purchase one additional Common Share at anexercise price of $0.64 for a period of two years from the date ofissuance of the Warrant.
The Corporation intends to complete the Offeringpursuant to various prospectus exemptions and a portion of the Unitswill be offered to persons resident in Alberta, British Columbia andOntario pursuant to the Existing Shareholder Exemptions. TheCorporation has set December 20, 2023 as the record date (the“ Record Date ”) for the purpose of determining shareholders entitled toparticipate in the Offering in reliance on the Existing ShareholderExemptions, and those interested shareholders should contact theCorporation before January 15, 2024 at the contact information set outin this press release.
Under the Existing Shareholder Exemptions, existingshareholders resident in Alberta, British Columbia and Ontario whoowned shares as at the Record Date may purchase up to $15,000 in Unitswithout qualifying as an accredited investor, or an unlimited amountif the shareholder has obtained advice regarding the suitability ofthe investment from a person that is registered as an investmentdealer.
In the event that aggregate subscriptions for Unitsunder the Offering exceed the maximum number of securities to bedistributed, then Units will be sold to qualifying subscribers on a pro rata basis based on the number of Units subscribed for.
Insiders may participate in the Offering. Allsecurities issued in connection with the Offering will be subject to astatutory hold period expiring four months and one day after closingof the Offering. Any participation by insiders in the Offering willconstitute a related party transaction under Multilateral Instrument61-101 - Protection ofMinority Security Holders in Special Transactions but is expected to be exempt from the formal valuation andminority shareholder approval requirements of that instrument.
The Offering may include finder’s fees commission’spayable in cash and/or securities and is subject to approval of theTSX Venture Exchange.
Assuming the maximum offering is completed, 100% of thenet proceeds are expected to be used to fund the Corporation’s firstin-human clinical trials, expected to commence in Q1 2024, and 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.
As at the date of this press release, there is nomaterial fact or material change related to the Corporation which hasnot been generally disclosed.
About Ocumetics
Ocumetics Technology Corp. (TSXV: OTC) (OTCQB: OTCFF)(FRA: 2QBO) is a Canadian research and product development companythat specializes in adaptive lens designs. Ocumetics is in thepreclinical study stage of a game-changing technology for theophthalmic industry. Ocumetics has developed an expandable intraocularlens that fits within the natural lens compartment of the eyepotentially 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 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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