OTCFF - Ocumetics Announces Intention to Use Existing Shareholder Exemptions
(TheNewswire)
Calgary, Alberta – TheNewswire - November 8, 2022 - Ocumetics Technology Corp. (“ Ocumetics ” or the “ Corporation ”)(TSXV:OTC) (OTC:OTCFF) (FRA:2QBO) announces that it intends to offerunits under the private placement previously announced in its pressrelease dated October 19, 2022 to existing shareholders pursuant toAlberta Securities Commission Rule 45-516 - Prospectus Exemptions for Retail Investorsand Existing Security Holders , and BritishColumbia Instrument 45-534 - Exemption from Prospectus Requirement for Certain Trades to ExistingSecurity Holders (collectively, the“ Existing ShareholderExemptions ”).
As previously announced, it proposes to complete anon-brokered private placement of up to 5,000,000 units(“ Units ”) at a price of $0.45 per Unit for gross proceeds of up to$2,250,000 (the “ Offering ”). There will be no minimumsubscription level for the Offering. Each Unit will consist of onecommon share in the share capital of the Corporation (“ Common Share ”) andone-half of one common share purchase warrant. Each whole warrant(“ Warrant ”) will entitle the holder to purchase one additionalCommon Share at an exercise price of $0.90 for a period of two yearsfrom the date of issuance 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 and British Columbiapursuant to the Existing Shareholder Exemptions. The Corporation hasset November 7, 2022 as the record date (the “ Record Date ”) forthe purpose of determining shareholders entitled to participate in theOffering in reliance on the Existing Shareholder Exemptions, and thoseinterested shareholders should contact the Corporation before November30, 2022 at the contact information set out in this press release.
Under the Existing Shareholder Exemptions, existingshareholders resident in Alberta and British Columbia who owned sharesas at the Record Date may purchase up to $15,000 in Units withoutqualifying as an accredited investor, or an unlimited amount if theshareholder has obtained advice regarding the suitability of theinvestment from a person that is registered as an investment dealer.
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 for ongoing research anddevelopment. Although the Corporation intends to use the proceeds ofthe offering as described above, the actual allocation of proceeds mayvary from the uses set out above, depending upon 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 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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