Annidis Announces Shares for Debt Transactions

OTTAWA, March 22, 2016 /CNW/ - Annidis Corporation (TSX Venture: RHA) ("Annidis" or the "Corporation") announces that subject to the approval of the TSX Venture Exchange (the "Exchange"), Yimai Technology International Corporation Limited ("Yimai"), an insider of the Corporation, has elected to convert the previously announced (see news release dated February 22, 2016) convertible promissory notes in the principal amount of $670,000 (the "Notes") plus all outstanding interest having accrued thereon effective as of March 8, 2016. The conversion of the Notes will result in the issuance of 9,197,382 common shares in the capital of the Corporation ("Common Shares") to Yimai. In connection with the conversion of the outstanding interest on the Notes, the Corporation has filed a Shares for Debt Application with the TSXV.

The Notes are to be settled as follows:

1)     $150,000 Convertible Promissory Note dated December 11, 2015

  • Principal and accrued interest converted at $0.09 per Common Share resulting in the issuance of 1,706,850 Common Shares (1,666,667 Common Shares on account of converted Principal and 40,183 Common Shares on account of converted interest).

2)     $130,000 Convertible Promissory Note dated December 30, 2015

  • Principal and accrued interest converted at $0.09 per Common Share resulting in the issuance of 1,471,750 Common Shares (1,444,444 Common Shares on account of converted Principal and 27,306 Common Shares on account of converted interest).

3)     $130,000 Convertible Promissory Note dated January 11, 2016

  • Principal and accrued interest converted at $0.09 per Common Share resulting in the issuance of 1,467,001 Common Shares (1,444,444 Common Shares on account of converted Principal and 22,557 Common Shares on account of converted interest).

4)     $120,000 Convertible Promissory Note dated January 29, 2016

  • Principal and accrued interest converted at $0.07 per Common Share resulting in the issuance of 1,732,603 Common Shares (1,714,286 Common Shares on account of converted Principal and 18,317 Common Shares on account of converted interest).

5)     $140,000 Convertible Promissory Note dated February 12, 2016

  • Principal and accrued interest converted at $0.05 per Common Share resulting in the issuance of 2,819,178 Common Shares (2,800,000 Common Shares on account of converted Principal and 19,178 Common Shares on account of converted interest).

In accordance with applicable Canadian securities laws, all securities issued in connection with the conversion of the Notes are subject to a minimum hold period of four months and one day from the distribution date.

As result of the conversion of the Notes, Yimai will receive 9,197,382 Common Shares, representing approximately 8.53% of the outstanding Common Shares as of the date hereof, and following such issuances, Yimai will hold 49,179,428 Common Shares, representing approximately 42% of the outstanding Common Shares.

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 Company'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.

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 Notes. 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 forwardlooking 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: Michael Crowley, CEO, Annidis Corporation, 519-859-7439, mcrowley@annidis.com; Babak Pedram, Investor Relations, Virtus Advisory Group Inc., 416-995-8651, bpedram@virtusadvisory.com

RELATED LINKS
www.annidis.com

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