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Ocumetics Announces Completion of Second Tranche of Debenture Private Placement for Net Proceeds of CA$940,000
(TheNewswire) Calgary, Alberta – June 21, 2024. - TheNewswire - Ocumetic...
About this update from Ocumetics Technology Corp
[{"type":"text","content":"Ocumetics Announces Completion of Second Tranche of Debenture Private Placement for Net Proceeds of CA$940,000 \n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Calgary, Alberta\n \n \n – June 21, 2024. -\n \n \n TheNewswire\n-\n \n \n Ocumetics Technology Corp. (“\n \n \n Ocumetics\n \n \n ” or the\n“\n \n \n Corporation\n \n \n ”) (\n \n \n TSXV: OTC) (OTCQB: OTCFF) (FRA:\n2QBO) announces that it has completed the second tranche of the\nprivate placement of debentures previously announced by the\nCorporation on May 15, 2024 and May 23, 2024.\n \n \n \n \n The Corporation has issued\n \n \n secured convertible debentures having an aggregate face value\nprincipal amount of $1,000,000 (the “\n \n \n Principal\n \n \n ”).  The\ndebentures were subject to an original issue discount of 6%, resulting\nin net proceeds to the Corporation of $940,000 (the “\n \n \n Net Proceeds\n \n \n ”),\nless expenses incurred by the lenders in respect of the offering.  \nThe debentures bear interest at rate of 18% per annum, compounded\nannually.  The Debentures will mature, and Principal and interest\nwill be payable by the Corporation, on the date which is two years\nfrom the date of issue.  The Corporation may prepay the indebtedness\nunder the debentures at any time upon ninety (90) days prior written\nnotice, without penalty.\n \n \n \n \n Principal is convertible at the option of the holder\ninto common shares of the Corporation at a conversion price of $0.32\nper share.  Interest will be convertible into common shares of the\nCorporation pursuant to shares for debt applications, from time to\ntime, at the option of the debenture holders.  The debentures are\nsecured by a general security agreement on the personal property of\nthe Corporation.  The debentures and the common shares issuable upon\nthe conversion of the debentures are subject to a four month hold\nperiod.\n \n \n \n \n The total debenture offering for up to $4,000,000 has\nnow been filled.  The Corporation completed an initial tranche of the\nprivate placement on May 22, 2024 whereby it issued debentures having\nan aggregate face value principal amount of $3,000.000\n \n \n resulting in net proceeds to the Corporation of\n$2,8...