Ocumetics Technology Corp. (TSXV: OTC) (OTCQB: OTCFF) (FRA: 2QBO) has closed the second tranche of its previously announced private placement, securing an additional $2.5 million in gross proceeds. The company issued 6.25 million units at $0.40 each, with each unit comprising one common share and one common share purchase warrant. Each warrant allows the holder to purchase an additional share at $0.50 for three years from issuance.
This tranche brings Ocumetics' total gross proceeds under the offering to $2,948,130. The company plans to use the net proceeds to fund its continuing first-in-human clinical trials, research and development, and general working capital. The completion of this financing is a critical step for Ocumetics as it advances its innovative intraocular lens technology, which aims to eliminate the need for corrective lenses by allowing the eye's natural muscle activity to shift focus naturally.
"We are pleased with the strong support from investors as we move forward with our clinical program," said a company spokesperson. The funds will be instrumental in advancing our groundbreaking technology that could transform the ophthalmic industry.
The company paid Ventum Financial Corp. cash commissions of $200,000 and issued 500,000 warrants for assistance in finding subscribers. These warrants include 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 not less than 30 days after notice is given.
The total offering is for up to 8 million units, with the potential to raise up to $3.2 million. Ocumetics intends to close the remaining portion in one or more subsequent tranches. All securities issued are subject to a four-month and one-day hold period from the date of issuance.
Ocumetics is a Canadian research and product development company focused on advanced vision correction solutions. Its flagship product, a dynamic intraocular lens, is designed to fit within the natural lens compartment of the eye and use the eye's natural muscle activity to shift focus from distance to near, providing clear vision at all distances without glasses or contact lenses. The company is currently in the first-in-human early feasibility study phase.
The successful completion of this financing not only provides the necessary capital for ongoing clinical trials but also signals investor confidence in Ocumetics' technology. With the ophthalmic market constantly seeking innovations that improve patient outcomes, Ocumetics' approach could represent a significant leap forward in vision correction.
