Ocumetics Announces Proposed Forbearance Agreement for $4 million Secured Convertible Debentures

Core Viewpoint - Ocumetics Technology Corp. is seeking approval for a forbearance agreement with holders of secured convertible debentures, allowing them to defer payment until June 19, 2027 [1][2]. Group 1: Forbearance Agreement - The proposed forbearance agreement involves Debentureholders refraining from demanding payment or taking action on security until June 19, 2027, despite the maturity of the Debentures [1]. - The Debentures have a total face value of up to $4,000,000, with an interest rate of 18% per annum, compounded annually [2]. - The Corporation can prepay the Debentures at any time with a 90-day prior written notice, without incurring penalties [2]. Group 2: Debenture Terms - The Principal amount of the Debentures is convertible into common shares at a price of $0.32 per share until the Maturity Date [3]. - Interest on the Debentures can also be converted into common shares, subject to Exchange approval [3]. - The Debentures are secured by a general security agreement on the Corporation's personal property [3]. Group 3: Warrants Issuance - In exchange for the forbearance, the Corporation plans to issue share purchase warrants to Debentureholders, calculated based on the Principal and accrued interest divided by $0.58 [4]. - Each Warrant will allow the holder to purchase one common share at an exercise price of $0.58 until the earlier of June 19, 2027, or when the indebtedness is fully repaid [4]. Group 4: Company Overview - Ocumetics Technology Corp. is a Canadian research and product development company focused on advanced vision correction solutions [5]. - The company is in the early feasibility study phase of a new intraocular lens technology designed to eliminate the need for corrective lenses, allowing natural focus adjustment [6].