Ocumetics Technology Corp. announced a non-brokered private placement of secured convertible debentures having an aggregate face value principal amount of up to CAD 4,000,000 for gross proceeds of CAD 3,760,000 on May 15, 2024. The debentures will be subject to an original issue discount of 6%.

The debentures will bear interest at rate of 18% per annum, compounded annually. The debentures will mature, and principal and interest will be payable by the corporation, on the date which is two years from the date of issue. The corporation may prepay the indebtedness under the debentures at any time upon ninety (90) days prior written notice, without penalty.

The principal will be convertible at the option of the holder into common shares of the corporation at a conversion price of CAD 0.32 per share. Interest will be convertible into common shares of the issuer pursuant to shares for debt applications, from time to time, at the option of the debenture holders. The debentures and the common shares issuable upon the conversion of the debentures will be subject to a four month hold period.

The completion of the offering is subject to the final approval of the TSX Venture Exchange.