Mr. Dean Burns reports

OCUMETICS ANNOUNCES PRIVATE PLACEMENT

Ocumetics Technology Corp. proposes to complete a non-brokered private placement of up to 3,333,333 units of the corporation at a price of 30 cents per unit for gross proceeds of up to $1-million. There will be no minimum subscription level for this offering. Each unit will consist of one common share in the share capital of the corporation and one-half common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share at an exercise price of 60 cents for a period of two years from the date of issuance of the warrant.

The corporation intends to complete the offering pursuant to various prospectus exemptions, and a portion of the units will be offered to persons resident in Alberta and British Columbia pursuant to the existing shareholder exemptions. The corporation has set June 21, 2023, as the record date for the purpose of determining shareholders entitled to participate in the offering in reliance on the existing shareholder exemptions, and those interested shareholders should contact the corporation before July 14, 2023.

Under the existing shareholder exemptions, existing shareholders resident in Alberta, British Columbia and Ontario who owned shares as at the record date may purchase up to $15,000 in units without qualifying as an accredited investor, or an unlimited amount if the shareholder has obtained advice regarding the suitability of the investment from a person that is registered as an investment dealer.

In the event that aggregate subscriptions for units under the offering exceed the maximum number of securities to be distributed, then units will be sold to qualifying subscribers on a pro rata basis based on the number of units subscribed for.

Insiders may participate in the offering. All securities issued in connection with the offering will be subject to a statutory hold period expiring four months and one day after the closing of the offering. Any participation by insiders in the offering will constitute a related party transaction under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions, but is expected to be exempt from the formal valuation and minority shareholder approval requirements of that instrument.

The offering may include finders' fees or commissions, payable in cash and/or securities, and is subject to the approval of the TSX Venture Exchange.

Assuming the maximum offering is completed, 100 per cent of the net proceeds are expected to be used for continuing 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 on future operations, events or opportunities.

As at the date of this press release, there is no material fact or material change related to the corporation which has not been generally disclosed.

About Ocumetics Technology Corp.

Ocumetics 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 to potentially eliminate the need for corrective lenses. It is designed to allow the eye's natural muscle activity to shift focus from distance to near.

We seek Safe Harbor.