Annidis Corporation Closes $2.0 Million Brokered Private Placement
OTTAWA, March 19, 2012 /CNW/ - Annidis Corporation (TSX-V:RHA), creator of the Annidis RHATM imaging technology that assists eye-care professionals screen, detect, diagnose and manage ocular diseases, is pleased that its previously announced (see January 24th News Release) $2 million brokered private placement financing (the "Offering"), led by lead agent Newport Private Wealth Inc. ("Newport"), has closed subject to receipt of the TSX Venture Exchange's final acceptance. In connection with the Offering, the Company issued a total of 5,050,000 units at a price of $0.40 per unit, for total gross proceeds of $2,020,000. Each unit consisted of one common share and one-half common share purchase warrant (the "Units"). Each whole share purchase warrant entitles the holder to purchase one additional common share at a price of $0.80 per share, for a period of 3 years following the closing date of the Offering. In accordance with applicable securities laws, the securities issued in connection with the Offering are subject to a minimum four month hold period.
Newport is entitled to receive a commission of 3% of the gross proceeds of the Offering and broker warrants in an amount equal to 3% of the gross proceeds of the Officering. In addition, all brokers, including Newport, are entitled to receive a finders fee of 5% of the total funds raised by each individual broker and an broker warrant equal to 5% of the total funds raised by each individual broker.
"This transaction further strengthens our balance sheet and allows us to finance our manufacturing and inventory to match demand, as well as to expand our sales and marketing efforts across Canada and the United States." said Gerald Slemko, Chief Executive Officer of Annidis Corporation.
About Annidis Corporation
Annidis (TSX-V:RHA) is dedicated to researching and developing instrumentation to assist in the early detection and monitoring of diseases of the eye. The Company's RHATM is an ocular pathology management system that integrates advanced multi-spectral imaging and analytic software for early detection and management of ocular pathologies such as glaucoma, age-related macular degeneration and diabetic retinopathy. The RHA system is the result of a multiyear research and development effort by the Annidis team in collaboration with leading eye care professionals and researchers in Canada including the Ottawa Eye Institute, Toronto Western Hospital and numerous optometric clinics in Ontario.
Neither 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.
This news release may contain "forward-looking information" within the meaning of applicable Canadian securities legislation. Statements made in this news release, other than those concerning historical financial information, may be forward-looking and therefore subject to various risks and uncertainties. The words "may", "will", "could", "should", "would", "suspect", "outlook", "believe", "plan", "anticipate", "estimate", "expect", "intend", "forecast", "objective", "hope", and "continue" (or the negative thereof), and words and expressions of similar import are intended to identify forward-looking statements. Certain material factors or assumptions are implied in making forward-looking statements and actual results may differ materially from those expressed or implied in such statements. Factors that could cause results to vary include those identified in the Company's Annual Information Form and other such filings with Canadian securities regulatory authorities, such as the applicability of patents and proprietary technology; possible patent ligation; regulatory approval of products in development; changes in government regulation or regulatory approval processes; government and third party reimbursement; dependence on strategic partnerships; intensifying competition; rapid technological change in the industry; anticipated future losses; the ability to access capital; and the ability to attract and retain key personnel. All forward-looking information presented herein should be considered in conjunction with such filings. Except as required by Canadian securities laws, the Corporation does not undertake to update any forward-looking statements; such statements speak only as of the date made.For further information:
Gerald Slemko, CEO
(416) 815-0700 ext. 264