Ocumetics Technology Corp. (TSXV: OTC) (OTCQB: OTCFF) (FRA: 2QBO) announced today that it has completed the second tranche of its previously announced private placement, issuing 6.25 million units at a price of $0.40 per unit for gross proceeds of $2.5 million. The offering, which was initially announced on July 7, July 29, and July 30, 2026, has now raised an aggregate of $2,948,130 to date.
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 the date of issuance. The warrants are subject to an acceleration clause: if the volume-weighted average trading price of the common shares on the TSX Venture Exchange is at least $0.75 for 30 consecutive trading days, the Corporation may accelerate the expiry date to a date not less than 30 days after notice is provided to warrant holders.
In connection with the offering, the Corporation paid Ventum Financial Corp. cash commissions of $200,000 and issued 500,000 warrants as finder incentives. The total offering is for up to 8 million units, with the potential to raise up to $3.2 million. The Corporation intends to close the remaining portion in one or more subsequent tranches.
The net proceeds from the offering are expected to be used to fund the Corporation's continuing first-in-human clinical trials, ongoing research and development, and general working capital. However, the actual allocation of proceeds may vary depending on future operations, events, or opportunities.
This financing is critical for Ocumetics as it advances its innovative technology in the ophthalmic industry. The company is currently in the first-in-human early feasibility study phase of a dynamic intraocular lens designed to fit within the natural lens compartment of the eye. This lens aims to eliminate the need for corrective lenses by allowing 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 successful completion of this tranche demonstrates continued investor confidence in the company's vision to transform ophthalmology. The funds will support the ongoing clinical trials needed to validate the safety and efficacy of this potentially game-changing technology. For patients, this could mean a future where corrective lenses are no longer necessary, significantly improving quality of life. For the industry, it represents a potential paradigm shift in vision correction.
The closing of the offering was subject to conditional approval from the TSX Venture Exchange, which has been obtained. The common shares and warrants issued are subject to a hold period of four months and one day from the date of issuance, with finder warrants being non-transferrable.
Ocumetics Technology Corp. is a Canadian research and product development company dedicated to developing advanced vision correction solutions. The company's mission is to enhance the quality of life for patients through innovative research and development in intraocular lenses and other vision-enhancing technologies.
