Annidis Closes $2.5 Million Non-Brokered Private Placement and Shares for Debt Transaction

Annidis Corporation (TSXV:RHA) announced that it has closed the non-brokered private placement of 10,000,000 common shares at a price of $0.25 per common share with Yimai Technology International Company Limited and an insider of Annidis to raise gross proceeds of $2,500,000.

As quoted in the press release:

The gross proceeds from the Private Placement will be used for working capital purposes, including procuring inventory and to expand the sales and services part of the business.

In addition, Annidis has closed the shares for debt transaction with Yimai (also announced by the Corporation on May 6, 2015) whereby Annidis and Yimai have settled a $500,000 promissory note (plus applicable interest thereon) in exchange for 2,016,667 Common Shares to Yimai at a deemed price of $0.25 per Common Share.

All securities issued pursuant to the Private Placement and Shares for Debt Transaction are subject to a four-month hold period expiring on October 10, 2015.

Click here to read the full Annidis Corporation (TSXV:RHA) press release.