Mr. Dean Burns reports

OCUMETICS TECHNOLOGY ANNOUNCES CLOSING OF FIRST TRANCHE OF BROKERED LIFE OFFERING LED BY CENTURION ONE CAPITAL

Ocumetics Technology Corp. has closed the first tranche of its previously announced best efforts brokered private placement of units of the company for aggregate gross proceeds of approximately $788,380. The company is also pleased to announce the closing of a concurrent non-brokered private placement of units for additional gross proceeds of approximately $235,450.

The offerings were led by Centurion One Capital Corp. as lead agent and sole bookrunner in respect of the brokered offering and fiscal adviser in respect of the non-brokered offering. Tingle Merrett LLP acted as counsel to the company, and Cassels Brock & Blackwell LLP acted as counsel to the lead agent in connection with the offerings.

A total of 1,706,383 units were sold under the offerings at a price of 60 cents per unit for aggregate gross proceeds of approximately $1,023,830. Each unit consists of one common share in the capital of the company and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share at a price of 75 cents until Dec. 30, 2028.

The gross proceeds of the offering are expected to be used to fund the corporation's first-in-human clinical trials, for continuing research and development, and for general corporate purposes. Although the corporation intends to use the proceeds of the offering as described above, the actual allocation of proceeds may vary from the uses set out above, depending upon future operations, events or opportunities.

In connection with the offerings, the company paid an aggregate of $143,336.17 in commissions, fees and advisory fees, $61,429.79 of which were paid through the issuance of an aggregate of 102,382 units, and issued an aggregate of 136,510 common share purchase warrants with each warrant entitling the holder thereof to acquire one unit at the issue price until Dec. 30, 2028. The lead agent intends to close the rest of the offerings in one or more subsequent tranches.

The units offered for sale under the offerings were offered by way of private placement (i) pursuant to the listed issuer financing exemption under Section 5A.2 of National Instrument 45-106 -- Prospectus Exemptions, as amended and supplemented by Coordinated Blanket Order 45-935 -- Exemptions from Certain Conditions of the Listed Issuer Financing Exemption, and (ii) and in the United States pursuant to available exemptions from the registration requirements of the United States Securities Act of 1933, as amended. The securities issued under the listed issuer financing exemption will not be subject to a statutory hold period pursuant to applicable Canadian securities laws .

Dean Burns (chief executive officer and president), Roger Jewett (chief financial officer), Garth Webb (chief scientific officer), Doyle Stulting (chief medical officer), J. Barton McRoberts and Michael Edwards, all of whom are directors of the corporation, participated in the private placement. The private placement is 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 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 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 preclinical study stage 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.