Non-brokered offering sells 10 million common shares at C$0.25 apiece
By Devika Patel
Knoxville, Tenn., May 6 – Annidis Corp. said it will conduct a C$2.5 million non-brokered private placement of stock with Yimai Technology International Corp. Ltd.
The company will sell 10 million common shares at C$0.25 per share, which is a 25% premium to the May 5 closing share price of C$0.20.
Proceeds will be used for working capital purposes, including procuring inventory and expanding sales and services.
In addition, Annidis and Yimai have agreed to settle a C$500,000 promissory note through a shares-for-debt transaction in which Annidis will issue about 2 million common shares to Yimai at a deemed price of C$0.25 per share.
The ocular science research company is based in Ottawa.
| Issuer: | Annidis Corp.
|
| Issue: | Common shares
|
| Amount: | C$2.5 million
|
| Shares: | 10 million
|
| Price: | C$0.25
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Investor: | Yimai Technology International Corp. Ltd.
|
| Pricing date: | May 6
|
| Stock symbol: | TSX Venture: RHA
|
| Stock price: | C$0.20 at close May 5
|
| Market capitalization: | C$15.97 million
|
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