OTCFF - Ocumetics Announces Offering of up to $4 million of Secured Convertible Debentures
(TheNewswire)
Calgary, Alberta – TheNewswire - May 15, 2024. Ocumetics Technology Corp. (“ Ocumetics ” or the“ Corporation ”) (TSXV: OTC) (OTCQB: OTCFF) (FRA: 2QBO) announces that itproposes to complete a non-brokered private placement of securedconvertible debentures having an aggregate face value principal amountof up to $4,000,000 (the “ Principal ”). The debentures will besubject to an original issue discount of 6%, resulting in netavailable funds to the Corporation of up to $3,760,000 (the“ Net Proceeds ”). Debentures will bear interest at rate of 18% perannum, compounded annually. The Debentures will mature, andPrincipal and interest will be payable by the Corporation, on the datewhich is two years from the date of issue. The Corporation mayprepay the indebtedness under the debentures at any time upon ninety(90) days prior written notice, without penalty.
Principal will be convertible at the option of theholder into common shares of the Corporation at a conversion price of$0.32 per share. Interest will be convertible into common shares ofthe issuer pursuant to shares for debt applications, from time totime, at the option of the debenture holders. The Debentures will besecured by a general security agreement on the personal property ofthe Corporation.
The Debentures and the common shares issuable upon theconversion of the Debentures will be subject to a four month holdperiod. Completion of the offering is subject to the final approvalof the TSX Venture Exchange.
100% of the Net Proceeds are expected to be used tofund the Corporation’s first in-human clinical trials and forongoing research and development. Although the Corporation intendsto use 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.
“Funds from this offering will be used to expediteour first in-human trials in the Dominican Republic planned later thisyear,” says, Dean Burns, President and CEO of Ocumetics. “Our teamhas been working diligently and is prepared to move forward as soon asthe financing is received,” adds Burns.
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 completion of the financing and thecommencement, timing and scope of the clinical trial program outlinedabove and that such program will be conducted as expected. Forward-looking statements are necessarily based upon a number ofestimates and assumptions that, while considered reasonable, aresubject to known and unknown risks, uncertainties, and other factorswhich 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.
Copyright (c) 2024 TheNewswire - All rights reserved.