OTTAWA, April 15, 2015 /CNW/ - Annidis Corporation (TSX Venture: RHA) ("Annidis" or the "Corporation") is pleased to announce that it has completed the private placement of a $500,000 unsecured promissory note (the "Note") with an insider of the Corporation, Yimai Technology International Corporation Limited (the "Lender").
The Note will mature upon the earlier of six months from the date of issuance or upon the closing by the Corporation of an equity financing of not less than $3,000,000. The Note bears interest at a rate of 10% per annum compounded monthly and payable at maturity. The Corporation may prepay the outstanding principal amount of the Note together with all accrued and unpaid interest, without penalty, at any time prior to the maturity date of the Note. The proceeds from the Note will be used by the Corporation for general working capital purposes.
In addition, subject to the approval to the TSX Venture Exchange, the Corporation and the Lender have agreed to extend the convertible promissory note in the amount $2,003,589 (as was previously announced on November 17, 2014) (the "Secured Note"). The Secured Note was originally set to mature on May 17, 2015, and has been extended by 24 months to May 17, 2017. All other terms of the Secured Note remain unchanged.
The issuance of the Note to the Lender and the agreement to extend the Secured Note each constitute a "related party transaction" as defined under TSXV Policy 5.9 and Multilateral Instrument 61-101 ("MI 61-101"). The Corporation is relying on the exemptions from the formal valuation and minority shareholder approval requirements as set out under sections 5.5(a) and 5.7(a) of MI 61-101 on the basis that participation in these transactions by insiders will not exceed 25% of fair market value of the Corporation's market capitalization.
In accordance with applicable securities laws, all securities issued in connection with the Secured Note are subject to a minimum four month hold period.
About Annidis Corporation
Annidis (TSX-V: RHA) has developed and is marketing a new imaging platform technology based on Multi-Spectral Imaging (MSI). This new technology is opening a new frontier in disease identification and its management. The Annidis MSI technology allows eye-care professionals to view non-invasively the deepest areas of the eye aiding eye care professionals in the early identification and treatment of debilitating eye diseases. The Corporation's existing RHA 2020-U Gold, used by eye care professionals as a broad based tool for detecting early-onset of eye related diseases such as Dry AMD, has a potential market of over 20,000 clinics in North America. The RHA Platinum MD will further strengthen the value proposition allowing doctors to visualize choroidal and retinal vasculature non-invasively. The RHA Platinum MD has global market potential of more than 100,000 Ophthalmologists.
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.
Certain statements in this press release are forward looking statements and are prospective in nature, including statements with respect to the Corporation's intended use of the proceeds of the Note. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Such forward-looking statements should therefore be construed in light of such factors, and the Corporation is not under any obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Annidis Corporation
For further information: Gerald Slemko, Chief Executive Officer, Annidis Corporation, (519) 858-1582 ext. 239, email@example.com; Babak Pedram, Investor Relations, Virtus Advisory Group Inc., 416-995-8651, firstname.lastname@example.org