Mr. Dean Burns reports

OCUMETICS ANNOUNCES PROPOSED FORBEARANCE AGREEMENT FOR $4 MILLION SECURED CONVERTIBLE DEBENTURES

Ocumetics Technology Corp. is seeking approval from the TSX Venture Exchange with respect to a forbearance agreement to be entered into between the corporation and the holders of secured convertible debentures that were issued by the corporation in May and June, 2024 (see press releases dated May 15, 2024, May 23, 2024, and June 21, 2024). Under the proposed forbearance agreement, it is proposed that the debentureholders will forbear from demanding payment of the debentures and from taking any steps to realize upon any security granted in respect of the debentures until June 19, 2027, notwithstanding the maturity of the debentures.

The debentures have an aggregate face value principal amount of up to $4-million. The debentures bear interest at a rate of 18 per cent per annum, compounded annually. Subject to the forbearance, the debentures will mature, and principal and interest will be payable by the corporation, on the date which is two years from the date of issue. The corporation may prepay the indebtedness under the debentures at any time upon 90 days prior written notice, without penalty.

Principal is convertible at the option of the holder into common shares of the corporation at a conversion price of 32 cents per share to and including the maturity date. Interest will be convertible into common shares of the corporation pursuant to shares-for-debt applications, from time to time, at the option of the debentureholders. Such shares-for-debt applications will be subject to the approval of the exchange. The debentures are secured by a general security agreement on the personal property of the corporation among other things.

In consideration for the within forbearance, subject to the approval of the exchange, the corporation is proposing to issue to each debentureholder such number of share purchase warrants equal to the principal of its debenture plus accrued interest to and including the date the warrants are issued, divided by 58 cents. It is proposed that each warrant would entitle the holder thereof to purchase one common share at an exercise price of 58 cents until the earlier of: (a) June 19, 2027; or (b) the date upon which the indebtedness has been fully repaid, such expiry date being subject to acceleration in accordance with Section 2.2(e) of Policy 5.1 of the exchange.

About Ocumetics Technology Corp.

Ocumetics is a Canadian research and product development company that is dedicated to developing advanced vision correction solutions that enhance the quality of life for patients. Through innovative research and development, Ocumetics aims to transform the field of ophthalmology with state-of-the-art intraocular lenses and other vision-enhancing technologies.

Ocumetics is in the first-in-human early feasibility study phase of a game-changing technology for the ophthalmic industry. Ocumetics has developed an 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, providing clear vision at all distances without the help of glasses or contact lenses.

We seek Safe Harbor.