Annidis Corporation (TSXV:RHA) announced a private placement of a convertible promissory note for gross proceeds of CAD 100,000 on March 31, 2016. The note carries a fixed coupon of 10% per annum and would mature on March 31, 2017. The note is convertible common shares of the company at an exercise price of CAD 0.06 per share; it would receive 1,666,667 common shares, representing approximately 1.55% of the outstanding common shares of the corporation.

The transaction included participation from existing investor Yimai Technology International Corporation. The company 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 transaction is subject to the TSX Venture Exchange acceptance.

All securities issued by the company in connection with the transaction will be subject to a hold period of four month and one day.