Ocumetics closes $788,380 first tranche of placement

Executive Summary

• Ocumetics Technology Corp. closed the first tranche of a brokered private placement and a concurrent non-brokered private placement, raising approximately $1.02 million in aggregate gross proceeds.
• The offering consisted of 1,706,383 units priced at $0.60 per unit, with each unit comprising one common share and one common share purchase warrant exercisable at $0.75 until December 30, 2028.
• Proceeds are designated for funding first-in-human clinical trials, continuing research and development, and general corporate purposes.

Key Details

• Aggregate Gross Proceeds: Approximately $1,023,830.
• Brokered Tranche: Closed for approximately $788,380.
• Non-Brokered Tranche: Closed for approximately $235,450.
• Units Sold: 1,706,383 units.
• Price Per Unit: $0.60.
• Warrant Terms: Each unit includes one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share at an exercise price of $0.75.
• Warrant Expiration: December 30, 2028.
• Lead Agent: Centurion One Capital Corp. (also acted as fiscal adviser for the non-brokered offering).
• Use of Proceeds: Funding first-in-human clinical trials, continuing R&D, and general corporate purposes.
• Commissions and Fees: Total aggregate commissions, fees, and advisory fees of $143,336.17 were paid.
  • $61,429.79 paid via issuance of 102,382 units.
  • 136,510 common share purchase warrants issued as part of the fees (exercisable at issue price until Dec 30, 2028).
• Related Party Transaction: The private placement was a related party transaction involving directors and officers (Dean Burns, Roger Jewett, Garth Webb, Doyle Stulting, J. Barton McRoberts, and Michael Edwards).
• Regulatory Exemptions: Relied on listed issuer financing exemption under National Instrument 45-106 and exemptions from minority shareholder approval and valuation requirements under Multilateral Instrument 61-101.
• Future Tranches: The lead agent intends to close the remainder of the offerings in one or more subsequent tranches.