Ocumetics Technology Corp. (TSXV: OTC) (OTCQB: OTCFF) (FRA: 2QBO) announced today that it has completed the second tranche of its previously announced unit private placement, raising $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 exercisable at $0.50 for three years. This brings total gross proceeds under the offering to $2,948,130, with the final tranche of up to 8 million units expected to close soon.
The funds are earmarked to support Ocumetics' first-in-human clinical trials and ongoing research and development. The company is developing a dynamic intraocular lens designed to fit within the natural lens compartment of the eye, potentially allowing patients to see clearly at all distances without glasses or contact lenses. This technology could revolutionize the ophthalmic industry by mimicking the eye's natural focusing ability.
According to the company, the warrant terms include an acceleration clause: if the stock trades at or above $0.75 for 30 consecutive trading days, the expiry date may be accelerated to at least 30 days after notice. This provision could incentivize warrant holders to exercise early, providing additional capital.
In connection with the offering, Ocumetics paid Ventum Financial Corp. a cash commission of $200,000 and issued 500,000 finder warrants. All securities issued are subject to a four-month hold period, and the offering received conditional approval from the TSX Venture Exchange.
Ocumetics is a Canadian research and development company focused on advanced vision correction solutions. Its lead product, a dynamic intraocular lens, is currently in the early feasibility study phase. The company's mission is to enhance quality of life for patients by eliminating the need for corrective lenses, a goal that has attracted significant investor interest.
The successful completion of this tranche underscores investor confidence in Ocumetics' technology and its potential to disrupt the vision correction market. With ongoing clinical trials and a strong capital position, the company is well-positioned to advance its innovative lens toward commercialization.
