Ocumetics Technology Corp. (TSXV: OTC) (OTCQB: OTCFF) (FRA: 2QBO) announced today that it has closed the second tranche of its previously announced unit private placement, issuing 6,250,000 units at a price of $0.40 per unit for gross proceeds of $2,500,000. Each unit consists of one common share and one common share purchase warrant, with each warrant entitling the holder to purchase an additional common share at an exercise price of $0.50 for a period of three years from issuance.
To date, the company has raised an aggregate of $2,948,130 in gross proceeds under the offering, which is structured to raise up to $3,200,000 through the issuance of up to 8,000,000 units. The remaining portion is expected to close in one or more subsequent tranches, subject to TSX Venture Exchange approval.
The company paid Ventum Financial Corp. cash commissions of $200,000 and issued 500,000 warrants for its assistance in finding subscribers. These warrants are subject to an acceleration clause: if the volume-weighted average trading price of the common shares exceeds $0.75 for 30 consecutive trading days, the expiry date may be accelerated to a date not less than 30 days after notice is provided.
Net proceeds from the offering are earmarked to fund Ocumetics' continuing first-in-human clinical trials, ongoing research and development, and general working capital. The company's innovative technology involves a dynamic intraocular lens designed to fit within the natural lens compartment of the eye, potentially eliminating the need for corrective lenses. The lens is intended to allow the eye's natural muscle activity to shift focus from distance to near, providing clear vision at all distances without perceptible time lag.
This financing is a critical step for Ocumetics as it advances its clinical program, which could transform the field of ophthalmology. The successful closure of this tranche underscores investor confidence in the company's vision and the potential of its technology to disrupt the corrective lens market. As the company continues to progress through clinical trials, the results will be pivotal in determining the safety and efficacy of this groundbreaking approach.
The securities issued under this tranche are subject to a four-month hold period from the date of issuance, with finder warrants being non-transferable. The offering remains subject to final approval from the TSX Venture Exchange, which has already provided conditional approval.
Ocumetics Technology Corp. is a Canadian research and product development company dedicated to developing advanced vision correction solutions. Its mission is to enhance the quality of life for patients through innovative intraocular lenses and other vision-enhancing technologies. With the completion of this financing, the company is well-positioned to continue its clinical development and move closer to bringing its revolutionary lens to market.
