Fintech
Ocumetics Announces Completion of Qualifying Transaction
Calgary, Alberta–(Newsfile Corp. – August 31, 2021) – Ocumetics Technology Corp. (formerly Quantum Blockchain Technologies Ltd.) (TSXV: OTC) (the “Corporation“) announces that it has completed its transaction (the “Transaction“) with Ocumetics Technology Inc. (formerly Ocumetics Technology Corp.) (“Ocumetics“).
The Transaction comprised a three-cornered amalgamation among the Corporation, Ocumetics and a wholly-owned subsidiary of the Corporation (the “Amalgamation“) and a private placement described below.
The Transaction was an arm’s length transaction. The Transaction constitutes the Corporation’s Qualifying Transaction and a Reverse Takeover under the policies of the TSX Venture Exchange (the “Exchange“).
Pursuant to the Amalgamation, each of the issued and outstanding shares of Ocumetics was exchanged for three common shares of the Corporation, and each of the issued and outstanding warrants of Ocumetics were exchanged for three warrants of the Corporation having the same or similar terms. Pursuant to the Amalgamation, 80,918,502 common shares of Corporation, at a deemed price of $0.125 per share, and 2,134,251 warrants, at a deemed price of $nil, were issued pursuant to the Amalgamation, for a total deemed purchase price of $10,114,813. Of these shares, 73,650,000 common shares were subject to escrow and trading restrictions whereby 10% of such shares would be released upon the issuance by the Exchange of a final exchange bulletin with respect to the Transaction and additional tranches of 15% will be released every six months thereafter.
The Corporation issued 200,000 common shares to Haywood Securities Inc. in exchange for its services as the sponsor for the Amalgamation (the “Sponsor Shares“).
In connection with the Amalgamation, the Corporation completed a non-brokered private placement whereby an aggregate of 21,604,800 common shares were issued at a price of $0.125 per share for aggregate gross proceeds of $2,700,600.00 (the “Private Placement“). The Corporation paid finders fees to Leede Jones Gable Inc. consisting of cash commissions of $36,750.00 and warrants to purchase up to 294,000 common shares of the Corporation at a price of $0.125 per share for 24 months. Proceeds of the Private Placement will be used to fund the research and development and upcoming clinical trials for the Bionic Lens as well as for general administrative and working capital purposes.
The Sponsor Shares and all securities issued under the Private Placement are subject to a statutory hold period of four months and one day from the date of issuance. Shares issued under the Amalgamation were not subject to any statutory hold periods.
Immediately upon completion of the Transaction, the Corporation completed a vertical amalgamation whereby it amalgamated with the corporation formed by the Amalgamation, which was then its wholly-owned subsidiary.
In connection with the Transaction, Keith Erickson resigned as a director and officer of the Corporation, and Dr. Garth Webb and Dayton Marks were appointed directors of the Corporation. The Board of Directors of the Corporation now consists of Dr. Garth Webb, Dayton Marks, Roger Jewett, Johannes Kingma and Robert Quinn. Dr. Mark Lee was appointed the President and Chief Executive Officer of the Corporation, Xin Hui (Sandey) Wang was appointed the Chief Financial Officer and Dr. Garth Webb was appointed the Corporation’s Chief Scientific Officer. Please see the Corporation’s press release dated March 1, 2021 for a description of the qualifications and backgrounds of the directors and officers.
Following the completion of the Transaction, the Corporation issued an aggregate of 8,870,800 incentive stock options to the following directors, officers and consultants pursuant to the terms of the Stock Option Plan of the Corporation:
| Optionee | Position with Corporation | Number of Options |
| Mark Lee | President and Chief Executive Officer | 1,623,950 |
| Garth Webb | Director and Chief Scientific Officer | 1,623,950 |
| Xin Hui (Sandey) | Chief Financial Officer | 250,000 |
| Roger Jewett | Director and Consultant | 1,623,950 |
| Dayton Marks | Director | 2,000,000 |
| Johannes Kingma | Director | 125,000 |
| Robert Quinn | Director | 541,317 |
| Doyle Stulting | Consultant | 1,082,633 |
| TOTAL: | 8,870,800 |
Each option entitles the holder thereof to purchase one common share in the capital of the Corporation, at an exercise price per common share of $0.125 for a period of five years. The options of Mark Lee, Garth Webb, Roger Jewett, Dayton Marks, Robert Quinn and Doyle Stulting will vest over a period of three years, with 15% of the options vesting six months after the date of issuance, another 15% vesting after 12 months, another 35% after 24 months and the remaining 35% after 36 months. 50% of the options of Sandey Wang will vest six months after the date of issuance and the remaining six months will vest 12 months after the date of issuance. The options of Johannes Kingma will vest immediately.
The stock options are not transferrable. The common shares issued upon exercise of the stock options will be subject to a four-month resale restriction from the date of grant.
Manning Elliott LLP, the auditor of Ocumetics, will be the auditor of the Corporation. Alliance Trust Company will continue as the transfer agent and registrar of the Corporation’s common shares.
Early Warning
As a result of the Transaction, Dr. Garth Webb, through his holding company, Ventura Holdings Ltd., now holds an aggregate of 43,200,000 Common Shares of the Corporation, or 39.90% of the Common Shares currently issued and outstanding in the share capital of the Corporation (36.11% fully diluted). Dr. Webb also holds options to purchase up to 1,623,950 Common Shares of the Corporation at a price of $0.125 per share for a period of five years. Prior to the Transaction, neither Ventura nor Dr. Webb held any shares of the Corporation.
In the future, depending on economic or market conditions or matters relating to the Corporation Dr. Webb may choose to either acquire additional securities or dispose of securities of the Corporation. Dr. Webb has no present intention to acquire additional securities of the Corporation.
About the Corporation
The Corporation is a Canadian research and product development company that specializes in adaptive lens designs, based in British Columbia. It is now in the pre-clinical stage of a game-changing technology for the ophthalmic industry – the Bionic Lens. The Bionic Lens is an expandable intraocular lens that fits within the natural lens compartment of the eye to completely eliminate the need for corrective lenses. It re-establishes the natural kinetics of the eye muscles to facilitate the eye’s ability to shift focus effortlessly from distance to near and very near range.
Resumption of Trading
Pursuant to the policies of the Exchange, trading of the shares of the Corporation has been halted. Trading of the shares of the Corporation will resume under the trading symbol, “OTC”, on September 10, 2021.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Dr. Mark Lee
President and CEO
(604) 832-6052
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/95066.
As we close out 2024, the fintech industry continues to deliver headlines that underscore its dynamism and innovation. From IPO aspirations to groundbreaking regulatory milestones, today’s updates highlight the transformative power of fintech partnerships, regulatory evolution, and disruptive technologies. Here’s what you need to know.
Chime’s Quiet Step Toward Public Markets
Chime, the U.S.-based financial technology startup best known for its digital banking services, has taken a significant step by filing confidential paperwork for an initial public offering (IPO). As one of the most valuable private fintechs in the U.S., Chime’s move could potentially signal a renewed appetite for fintech IPOs in a market that has been cautious following fluctuating valuations across the tech sector.
With a valuation that reportedly exceeded $25 billion in its last funding round, Chime’s IPO could set a new benchmark for the industry. Observers note that its strong customer base and revenue growth may make it an appealing choice for investors seeking to capitalize on the digital banking boom. However, the timing and success of the IPO will depend on broader market conditions and the regulatory landscape.
Source: Bloomberg
ZBD’s Pioneering Achievement: EU MiCA License Approval
ZBD, a fintech company specializing in Bitcoin Lightning network solutions, has made history by becoming the first to secure an EU MiCA (Markets in Crypto-Assets Regulation) license. This landmark approval by the Dutch regulator positions ZBD at the forefront of compliant crypto-fintech operations in Europe.
MiCA, which aims to harmonize the regulatory framework for crypto-assets across the EU, has been a focal point for industry players aiming to establish legitimacy and expand their offerings. ZBD’s achievement not only validates its operational rigor but also sets a precedent for other fintech firms navigating the evolving regulatory landscape.
Industry insiders view this as a strategic advantage for ZBD as it broadens its footprint in Europe. By leveraging its regulatory approval, the company can accelerate its product deployment and establish trust with institutional and retail users alike.
Source: Coindesk, PR Newswire
The Fintech-Credit Union Synergy: A Blueprint for Innovation
The convergence of fintechs and credit unions continues to reshape the financial services ecosystem. Collaborative initiatives, such as the one highlighted in the recent partnership between fintech innovators and credit unions, are proving to be a potent force in delivering tailored financial solutions.
This “dream team” approach allows credit unions to leverage fintech’s technological expertise while maintaining their community-focused ethos. Key areas of collaboration include digital payments, personalized financial management tools, and enhanced loan processing capabilities. These partnerships not only enhance member engagement but also enable credit unions to remain competitive in an increasingly digital-first financial environment.
Industry analysts emphasize that such collaborations underscore a broader trend of traditional financial institutions embracing fintech-driven solutions to bridge service gaps and foster innovation.
Source: PYMNTS
Tackling Student Loan Debt: A Fintech’s Mission
Student loan debt remains a pressing issue for millions of Americans, and a Rochester-based fintech aims to offer relief through its cloud-based platform. This innovative solution is designed to simplify loan management and provide borrowers with actionable insights to reduce their debt burden.
The platform’s features include repayment optimization tools, personalized financial education, and seamless integration with loan servicers. By addressing the complexities of student loan management, this fintech is empowering borrowers to make informed decisions and achieve financial stability.
As the student loan crisis continues to evolve, solutions like this highlight the critical role fintech can play in addressing systemic financial challenges while fostering financial literacy and inclusion.
Source: RBJ
Industry Implications and Takeaways
Today’s updates underscore several key themes shaping the fintech landscape:
- Regulatory Milestones: ZBD’s MiCA license approval exemplifies the importance of regulatory compliance in unlocking growth opportunities.
- Strategic Partnerships: The collaboration between fintechs and credit unions demonstrates the value of combining technological innovation with traditional financial models to drive customer-centric solutions.
- Market Opportunities: Chime’s IPO move reflects a potential revival in fintech public offerings, signaling confidence in the sector’s long-term prospects.
- Social Impact: Fintech’s ability to tackle systemic issues, such as student loan debt, showcases its role as a force for positive change.
The post Fintech Pulse: Your Daily Industry Brief (Chime, ZBD, MiCA) appeared first on News, Events, Advertising Options.
Leading global payments platform SPAYZ.io has confirmed it will be attending iFX EXPO Dubai 2025 on 14 to 16 January. Exhibiting at Stand 64 at Trade Centre Dubai, SPAYZ.io’s team of professionals will be on hand providing live demonstrations of its renowned payment services for payment providers. Attendees will also receive exclusive insight into SPAYZ.io’s plans for 2025 alongside early early access to its upcoming plans for the new year.
SPAYZ.io delivers a host of payment solutions that leverage the latest technological innovations and open access to the fastest growing emerging markets across Africa, Europe and Asia. Over the past year, there has been huge demand for its Open Banking and local payment method services, alongside bank transfers, mass payouts, online banking and e-wallets.
Yana Thakurta, Head of Business Development at SPAYZ.io commented: “We look forward to once again participating at iFX Dubai to expand our network of partners and clients. It’s a fantastic way to kick off the year, connecting with thousands of industry leaders from FOREX platforms to trading companies, and everything in between.
“Our key goal for iFX Dubai EXPO 2025 is to expand our portfolio of solutions and geographies. We’re using this as an opportunity to partner with like-minded entities who share our ambition to provide payment solutions that are truly global.”
Come meet SPAYZ.io’s team at the Trade Centre Dubai at Stand 64. You can also book a meeting slot with a member of a team.
The post SPAYZ.io prepares for iFX EXPO Dubai 2025 appeared first on News, Events, Advertising Options.
Airtm, the most connected digital dollar account in the world, is proud to announce the addition of two distinguished industry leaders to its Board of Directors: Rafael de la Vega, Global SVP of Partnerships at Auctane, and Shivani Siroya, CEO & Founder of Tala. These appointments reflect Airtm’s commitment to innovation and financial inclusion as the company enters its next phase of growth.
“We are thrilled to welcome Rafael and Shivani to Airtm’s Board of Directors,” said Ruben Galindo Steckel, Co-founder and CEO of Airtm. “Their unique perspectives and proven track records will be invaluable as we continue scaling our platform to empower individuals and businesses in emerging markets. Together, we’ll push the boundaries of financial inclusion and innovation to create a more connected and equitable global economy. Rafael and Shivani bring a wealth of experience and strategic insight that will strengthen Airtm’s mission to connect emerging economies with the global market.”
Rafael de la Vega, a seasoned leader in fintech global partnerships and technology innovation, is currently the Global SVP of Partnerships at Auctane. With a proven track record of delivering scalable, impactful solutions at the intersection of fintech, innovation, and commerce, Rafael’s expertise will be pivotal as Airtm continues to grow. “Airtm has built a platform that breaks down barriers and opens up opportunities for people in emerging economies to connect to global markets. I am excited to contribute to its growth and help further its mission of fostering financial inclusion on a global scale,” said Rafael.
Shivani Siroya, CEO and Founder of Tala, is a pioneer in financial technology, renowned for empowering underserved communities through access to credit and essential financial tools. Her leadership in leveraging data-driven innovation aligns seamlessly with Airtm’s vision of creating more equitable financial opportunities. “Empowering underserved communities has always been at the core of my work, and Airtm’s mission resonates deeply with me. I’m thrilled to join the Board and work alongside such a dynamic team to expand access to financial tools that truly make a difference in people’s lives,” said Shivani.
The post Airtm Enhances Its Board of Directors with Two Strategic Appointments appeared first on News, Events, Advertising Options.
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