Calgary, Alberta – TheNewswire – February 1, 2023 - Ocumetics Technology Corp. (“Ocumetics” or the “Corporation”) (TSXV:OTC) (OTC:OTCFF) (FRA:2QBO) announces that it has completed a private placement of 1,493,574 units of the Corporation (“Units”) at a price of $0.45 per Unit for gross proceeds of $672,108.15.  Each Unit consists of one common share in the share capital of the Corporation (“Common Share”) and one-half of one common share purchase warrant.  Each whole warrant (“Warrant”) entitles the holder to purchase one additional Common Share at an exercise price of $0.90 for a period of two years from the date of issuance of the Warrant.

The Corporation may pay finder’s fees on all or a portion of the private placement to eligible persons seeking subscribers to the financing, all in accordance with applicable securities laws and the policies of the TSX Venture Exchange (the “Exchange”).  

100% of the net proceeds are expected to be used for ongoing research and development. Although the Corporation intends to use the proceeds of the offering as described above, the actual allocation of proceeds may vary from the uses set out above, depending upon future operations, events or opportunities.

All securities issued under the Private Placement are subject to a hold period of four months and one day.

The Corporation paid finder’s fees in the amount of $4,185.00 to finders in exchange for their services under the Private Placement.

Closing of the Private Placement was subject to the conditional approval from the TSX Venture Exchange, which was obtained.

Related Party Transaction

Mark Lee, President and CEO of the Corporation, participated in the Private Placement.  The Private Placement was therefore a “Related Party Transaction” under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”).  The Corporation relied upon the exemptions from the minority shareholder approval and valuation requirements set out in Sections 5.7(1)(a) and 5.5(a), respectively, of MI 61-101.  The Private Placement was approved by the directors of the Corporation by resolution.  Mr. Lee is not a director of the Corporation.

A material change report regarding the Private Placement was not filed 21 days before the completion of the Private Placement as 21 days prior to the completion of the Private Placement, completion of the Private Placement was uncertain and therefore did not at that time constitute a material change.  

About Ocumetics

Ocumetics Technology Corp. (TSXV: OTC) (OTCQB: OTCFF) (FRA: 2QBO) is a Canadian research and product development company that specializes in adaptive lens designs. Ocumetics is in the preclinical study stage of a game-changing technology for the ophthalmic industry.  Ocumetics has developed an expandable intraocular lens that fits within the natural lens compartment of the eye potentially to eliminate the need for corrective lenses.  It is designed to allow the eye’s natural muscle activity to shift focus from distance to near.  

FOR FURTHER INFORMATION, PLEASE CONTACT:

Dr. Mark Lee                                Mr. Dayton Marks

President and CEO                      Director

(604) 832-6052                            (778) 347-2500

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This news release includes certain “forward-looking statements” under applicable Canadian securities legislation.  Forward-looking statements include, but are not limited to, statements with respect to the commencement, timing and scope of the clinical trial program outlined above and that it will be conducted as expected.  Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include but are not limited to: operational matters, historical trends, current conditions and expected future developments, access to financing as well as other considerations that are believed to be appropriate in the circumstances.  There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.  The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.