On June 21, 2024, Ocumetics Technology Corp. closed the transaction. Th company announced that it has received CAD 940,000 in second and final tranche.

The Corporation has issued secured convertible debentures having an aggregate face value principal amount of CAD 1,000,000. The debentures bear interest at rate of 18% per annum, compounded annually. 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.

Principal is convertible at the option of the holder into common shares of the Corporation at a conversion price of CAD 0.32 per share. The debentures and the common shares issuable upon the conversion of the debentures are subject to a four month hold period. Closing of the Private Placement was subject to the conditional approval from the TSX Venture Exchange, which was obtained.