Ocumetics Raises $2.5 Million in Second Tranche of Private Placement to Advance Clinical Trials

Ocumetics Technology Corp. (TSXV: OTC) (OTCQB: OTCFF) (FRA: 2QBO) announced today the completion of the second tranche of its previously announced private placement, securing gross proceeds of $2.5 million. The company issued 6.25 million units at a price of $0.40 per unit, with each unit comprising one common share and one common share purchase warrant. Each warrant entitles the holder to purchase an additional common share at an exercise price of $0.50 for a period of three years.

To date, Ocumetics has raised an aggregate of $2,948,130 under the offering, which is expected to close additional tranches to reach the total target of up to 8 million units and $3.2 million in gross proceeds. The company paid Ventum Financial Corp. a cash commission of $200,000 and issued 500,000 warrants for its assistance in finding subscribers.

The warrants are subject to an acceleration clause: if the volume-weighted average trading price of the common shares on the TSX Venture Exchange reaches at least $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 intended to fund the company's continuing first-in-human clinical trials, ongoing research and development, and general working capital. The actual allocation may vary depending on future operations, events, or opportunities.

This financing comes as Ocumetics advances its innovative intraocular lens technology, which is designed to fit within the natural lens compartment of the eye and potentially eliminate the need for corrective lenses. The lens aims to allow the eye's natural muscle activity to shift focus from distance to near, providing clear vision at all distances without glasses or contact lenses and without perceptible time lag.

The completion of this tranche represents a significant step in supporting the clinical development of a technology that could transform the field of ophthalmology. The additional capital will enable the company to continue its early feasibility study and progress toward potential regulatory milestones.

All securities issued under this tranche are subject to a hold period of four months and one day from the date of issuance, and any warrants issued to finders are non-transferable. The offering was subject to conditional approval from the TSX Venture Exchange, which has been obtained.

Ocumetics is a Canadian research and product development company dedicated to developing advanced vision correction solutions. The company's dynamic intraocular lens represents a potential paradigm shift in vision correction, offering a solution that could significantly enhance the quality of life for millions of people.

As with any clinical-stage company, the success of the technology is not guaranteed, and forward-looking statements are subject to risks and uncertainties. However, the successful completion of this financing round underscores investor confidence in the company's vision and the potential of its technology.

For more information on the offering and the company's progress, interested parties can view the original press release on NewMediaWire.