OTTAWA, Aug. 8, 2016 /CNW/ - Annidis Corporation (TSX Venture: RHA) ("Annidis" or the "Corporation"), is pleased to announce that, subject to the approval of the TSX Venture Exchange (the "TSXV"), the Corporation has completed the private placement of a $221,000 unsecured promissory note (the "Note") with Mistarunited Technology Co., Limited (the "Lender") a corporation directly owned and controlled by Jinsong Zhang and Chunhang Yu, directors of Annidis Corporation. The Note matures and becomes due and payable on the earlier of December 31, 2016 and the completion by the Corporation of an equity financing of not less than $5,000,000. The Note bears interest at rate of 10% per annum 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 issuance of the Note to the Lender constitutes 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 the fair market value of the consideration for the Note will not exceed 25% of fair market value of the Corporation's market capitalization. The Corporation is issuing this press release, and it is reasonable to do, less than 21 days prior to the closing of the issuance of the Note as the closing is not subject to any shareholder approval and the Corporation and the Lender were ready and able to close prior to such 21 day period and the Corporation is in need of the proceeds.
About Annidis Corporation
Annidis (TSX-V: RHA) has developed, manufactures and sells a patented imaging platform technology based on multi-spectral imaging. The current RHA is a retinal screening technology used by primary care professionals for early disease detection. The RHA is complementary to diagnostic imaging technologies and supports the timely identification, treatment and monitoring of a wide range of vision threatening diseases.
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: Cameron Bramwell, Chief Executive Officer, Annidis Corporation, (613) 596-1800, firstname.lastname@example.org