Calgary, Alberta – January 30, 2026 – TheNewswire - Ocumetics Technology Corp. (“Ocumetics” or the “Corporation”) (TSXV: OTC) (OTCQB: OTCFF) (FRA: 2QBO) announces that it is seeking approval from the TSX Venture Exchange (the “Exchange”) with respect to a forbearance agreement to be entered into between the Corporation and the holders of secured convertible debentures (the “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 $4,000,000 (the “Principal”). The Debentures bear interest at rate of 18% 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 “Maturity Date”).  The Corporation may prepay the indebtedness under the Debentures at any time upon ninety (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 $0.32 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 (“Warrants”) equal to the Principal of its Debenture plus accrued interest to and including the date the Warrants are issued, divided by $0.58. It is proposed that each Warrant would entitle the holder thereof to purchase one common share at an exercise price of $0.58 until the earlier of (a) June 19, 2027 or (b) the date upon which the indebtedness has been fully repaid (the “Expiry Date”), such Expiry Date being subject to acceleration in accordance with Section 2.2(e) of Policy 5.1 of the Exchange.

 

About Ocumetics

 

Ocumetics Technology Corp. (TSXV: OTC) (OTCQB: OTCFF) (FRA: 2QBO) 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.  

 

FOR FURTHER INFORMATION, PLEASE CONTACT:

Dean Burns

President and CEO

(817) 874-7564

 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation.  Forward-looking statements include, but are not limited to, statements with respect to the Exchange approval or the issuance of warrants.  Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include but are not limited to: operational matters, historical trends, current conditions and expected future developments, access to financing as well as other considerations that are believed to be appropriate in the circumstances.  There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.  The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.