OTTAWA, ON, May 28, 2014 /CNW/ - Annidis Corporation (TSX Venture: RHA) ("Annidis" or the "Corporation") is pleased to announce that, subject to the final approval of the TSX Venture Exchange ("TSXV"), it has today completed the private placement of a secured promissory note (the "Financing") with an insider of the Corporation whereby the Corporation will issue a $1,000,000 secured promissory note (the "Note"). The Note has a three-year term and 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 after the first anniversary of the issuance date of the Note. In addition, the lender shall be issued 1,000,000 warrants for the purchase of common shares in the capital of the Corporation ("Warrant"). Each Warrant shall be exercisable at a price of $0.40 per common share, for a period of three years from the date of issuance, subject to the early expiry provisions as set out in the policies of the TSXV. The Note will be secured by a general security agreement over the assets of the Corporation, which security shall be subordinated to all existing charges against the assets of the Corporation. The proceeds from the Financing will be used by the Corporation for general working capital purposes.
In accordance with applicable securities laws, the securities issued in connection with the Financing 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 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. 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.
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 Corporation's filings with Canadian securities regulatory authorities, as well as the applicability of patents and proprietary technology; the outcome of pending corporate transactions; 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.
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.
SOURCE: Annidis Corporation
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