Ocumetics Announces Forbearance Agreement for $4 Million Secured Convertible Debentures and Provides LIFE Offering Update

Core Viewpoint - Ocumetics Technology Corp. has entered into a forbearance agreement with debentureholders, allowing them to defer payment on secured convertible debentures until June 19, 2027, despite the original maturity date [1]. Group 1: Forbearance Agreement - The forbearance agreement involves debentures with a total face value of up to $4,000,000, bearing an interest rate of 18% per annum, compounded annually [2]. - The Corporation can prepay the debentures with a 90-day prior written notice without incurring penalties [2]. - The principal amount of the debentures is convertible into common shares at a price of $0.32 per share until the maturity date [3]. Group 2: Warrants Issuance - In exchange for the forbearance, Ocumetics issued 9,153,277 share purchase warrants to debentureholders, allowing them to purchase common shares at an exercise price of $0.58 until June 19, 2027 [4]. - The warrants are classified as bonus warrants under TSX Venture Exchange Policy 5.1, with specific terms regarding repayment or conversion of the debentures [4]. Group 3: Offering Details - The previously announced offering under the listed issuer financing has terminated, with 1,706,383 units sold at a price of $0.60 per unit, generating approximately $1,023,830 in gross proceeds [5]. - Each unit consists of one common share and one common share purchase warrant, with the warrant allowing purchase of an additional common share at $0.75 until December 30, 2028 [5]. Group 4: Company Overview - Ocumetics Technology Corp. is a Canadian research and product development company focused on advanced vision correction solutions aimed at enhancing patients' quality of life [6]. - The company is in the early feasibility study phase of developing a revolutionary intraocular lens designed to eliminate the need for corrective lenses, allowing natural focus adjustment [8].