You are here

Annidis Announces $2,500,000 Non-Brokered Private Placement, Shares for Debt Transaction and Changes to Senior Management and Board of Directors

Share This Page:  
Wednesday, May 6, 2015

OTTAWA, ON, May 6, 2015 – Annidis Corporation (TSX Venture: RHA) (“Annidis” or the
“Corporation”) is pleased to announce that, subject to the approval of the TSX Venture
Exchange (the “Exchange”), its board has approved a non-brokered private placement of
10,000,000 common shares in the capital of the Corporation (“Common Share”) at a price of
$0.25 per Common Share to Yimai Technology International Corporation Limited (“Yimai”), and
an insider of Annidis, pursuant to which Annidis will raise gross proceeds of $2,500,000 (the
“Private Placement”).

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, subject to the approval of the Exchange, Annidis and Yimai have agreed to settle
the $500,000 promissory note (as was previously announced by Annidis on April 15, 2015) by
the completion of a shares for debt transaction pursuant to which Annidis will issue
approximately 2,000,000 Common Shares to Yimai at a deemed price of $0.25 per Common
Share (the “Shares for Debt Transaction”).

All securities issued pursuant to the Private Placement and Shares for Debt Transaction will be
subject to a four-month hold period, commencing at closing.

The Corporation is also announcing the following changes in the Corporation’s senior
management team and board of directors (the “Board”), which are effective as of today. Michael
Mueller has stepped down as Chairman of the Board. Mr. Mueller will however continue to serve
a as director of the Corporation. Gerald Slemko has stepped down as CEO of the Corporation
and has been appointed as the new Chairman of the Board and Michael Crowley has been
appointed as interim CEO. In connection with these changes to the senior management team
and the Board, Annidis is pleased to announce that it has commenced the search for a veteran
industry CEO who can lead the Corporation as it looks to execute on its US growth strategy.

“We recently decided to make some organizational changes to ensure that the Corporation is
well positioned to execute on its US growth strategy,” said Gerald Slemko, Chairman of Annidis.
“We have spent the past couple of years building a technology that is at the forefront of eye
disease identification and management. As our focus evolves more towards sales and capturing
market share, we found it necessary to strengthen the Corporation with management who have
experience and relationships with key buyers and players in the industry. As a shareholder of
the Corporation, I’m truly excited about this new chapter for Annidis. I would also like to thank
Michael Mueller for his contributions to the business in his capacity as Chairman. His dedication
has been instrumental to what we have accomplished thus far in our business.”