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 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