Mr. Dean Burns reports

OCUMETICS ANNOUNCES COMPLETION OF UNIT PRIVATE PLACEMENT

Ocumetics Technology Corp. has completed the private placement previously announced by the corporation on Nov. 15, 2023, and Dec. 21, 2023.

The corporation issued an aggregate of 1,301,875 units pursuant to the private placement, at a price of 32 cents, for total gross proceeds of $416,600. 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 64 cents for a period of two years from the date of issuance of the warrant.

The corporation paid finders fees to Leede Jones Gable Inc. consisting of cash commissions of $200.00.

One hundred per cent of the net proceeds are expected to be used to finance the corporation's first in-human clinical trials, and 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.

Related-party transaction

Dean Burns, the president and chief executive officer of the corporation, Garth Webb, the chief scientific officer of the corporation, and Roger Jewett, the chief financial officer of the corporation, participated in the private placement. The private placement was therefore a related-party transaction under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The corporation relied upon the exemptions from the minority shareholder approval and valuation requirements set out in sections 5.7(1)(a) and 5.5(a), respectively, of MI 61-101. The private placement, including the subscriptions of Mr. Burns, Mr. Webb and Mr. Jewett, was approved unanimously by the directors of the corporation by resolution.

A material change report regarding the private placement was not filed 21 days before the completion of the private placement, as 21 days prior to the completion of the private placement, completion of the private placement was uncertain and therefore did not at that time constitute a material change.

About Ocumetics Technology Corp.

Ocumetics Technology 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 eliminating 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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