Ocumetics Technology Corp. (TSXV: OTC) (OTCQB: OTCFF) (FRA: 2QBO) announced today that it has closed the second tranche of its previously announced private placement, securing gross proceeds of $2.5 million. The company issued 6.25 million units at $0.40 per unit, with each unit consisting of one common share and one warrant to purchase an additional share at $0.50 for three years.
To date, Ocumetics has raised a total of $2,948,130 under the offering, which is slated to raise up to $3.2 million through the sale of up to 8 million units. The remaining units are expected to be sold in subsequent tranches. The company paid Ventum Financial Corp. cash commissions of $200,000 and issued 500,000 warrants for their assistance in finding subscribers.
The warrants include an acceleration clause that allows Ocumetics to shorten the exercise period if the common shares trade at or above $0.75 for 30 consecutive trading days on the TSX Venture Exchange. This clause could potentially accelerate the expiry date to at least 30 days after notice is given to warrant holders.
Net proceeds from the offering will be used to fund the company's 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 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 funding is crucial as Ocumetics advances its innovative technology through clinical trials. The company's lens could transform the ophthalmology industry by offering an alternative to glasses and contact lenses. If successful, it would address a significant unmet need for millions of people worldwide who rely on corrective lenses.
The offering is subject to a four-month hold period on the common shares and warrants, and the warrants issued to finders are non-transferable. The completion of the offering was conditional on approval from the TSX Venture Exchange, which has been obtained.
Ocumetics is a Canadian research and product development company focused on developing advanced vision correction solutions. The company aims to enhance the quality of life for patients through innovative intraocular lenses and other vision-enhancing technologies.
