Mr. Dean Burns reports

OCUMETICS ANNOUNCES COMPLETION OF FIRST TRANCHE OF UNIT PRIVATE PLACEMENT

Ocumetics Technology Corp. has completed the first tranche of the private placement previously announced by the corporation on June 22, 2023.

The corporation has issued an aggregate of 1,880,868 units at a price of 30 cents per unit for aggregate gross proceeds of $564,260.40. Each unit consists of one common share in the share capital of the corporation and one-half of one common share purchase warrant. Each whole warrant entitles 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 total offering is for of up to 3,333,333 units at a price of 30 cents for total gross proceeds of $1-million. The corporation intends to close the rest of the offering in one or more subsequent tranches.

One hundred per cent of the net proceeds are expected to be used for continuing research and development, although the actual allocation of proceeds may vary from the uses set out above, depending upon future operations, events or opportunities.

All securities issued under the private placement are subject to a hold period of four months and one day.

Closing of the private placement was subject to the conditional approval from the TSX Venture Exchange, which was obtained.

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

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