Ocumetics Technology Corp. (TSXV: OTC) (OTCQB: OTCFF) (FRA: 2QBO) announced today the completion of the second tranche of its unit private placement, securing gross proceeds of $2.5 million. The company issued 6.25 million units at $0.40 per unit, each consisting of one common share and one common share purchase warrant. Each warrant allows the holder to purchase an additional common share at $0.50 for three years from issuance.
With this tranche, Ocumetics has raised a total of $2,948,130 under the offering, which is slated to raise up to $3.2 million by issuing up to 8 million units. The company expects to close the remaining portion in subsequent tranches.
The funds are earmarked for continuing first-in-human clinical trials, ongoing research and development, and general working capital. Ocumetics is developing a dynamic intraocular lens designed to fit within the eye's natural lens compartment, potentially eliminating the need for corrective lenses. The lens aims to utilize the eye's natural muscle activity to shift focus from distance to near, providing clear vision at all distances without perceptible time lag.
In connection with the offering, the company paid Ventum Financial Corp. cash commissions of $200,000 and issued 500,000 warrants as finder's fees. The warrants include 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 expiry date may be accelerated to a date not less than 30 days after notice is provided.
The securities issued are subject to a hold period of four months and one day from the date of issuance, except that finder warrants are non-transferable. The offering received conditional approval from the TSX Venture Exchange.
Ocumetics is a Canadian research and product development company focused on advanced vision correction solutions. The company's technology is in the early feasibility study phase, representing a potential paradigm shift in ophthalmology by offering an alternative to glasses and contact lenses.
The completion of this financing is a crucial step for Ocumetics as it advances its clinical programs. The additional capital will enable the company to continue its research and development efforts, bringing its innovative lens technology closer to market. For investors, this development underscores the company's commitment to its growth trajectory and the potential of its technology to transform vision correction.
