June 14, 2013
/PRNewswire/ - Avidus Management Group Inc. ("Avidus" or the "Company") (TSX-V: AVD, OTC: ASNHF) is pleased to announce that, further to its news release dated
May 22, 2013
, the Company has completed its previously announced non-brokered private placement of 13,030,000 units (the "Units") at a price of
per Unit for gross proceeds of
(the "Offering"). Each Unit consists of one common share of the Company (a "Share") and one common share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder to purchase an additional common share (a "Warrant Share") at an exercise price of
per Warrant Share until
June 13, 2016.
All securities issued under the private placement are subject to a four-month statutory hold period.
In connection with the Offering, the Company issued a total of 284,800 non-transferrable brokers warrants (the "Broker's Warrants") and paid cash finder's fees equal to
. Each Broker Warrant entitles the holder thereof to purchase one common share of the Company at a price of
per share for a period of two years. Proceeds from the Offering will be used for general working capital purposes.
The Company is also pleased to announce that effective
June 13, 2013
has been appointed President of the Company. Mr. Ridley has previously been an advisor to the Company during its turn-around in 2011 and 2012. Doug has over 25 years of experience in network marketing and brings a track record of performance, leadership, and demonstrable results. Doug led another network marketing start-up to
annual sales in less than three years, with
in profit. As a successful distributor Doug led a field organization of over 10,000 people that generated
in annual sales volume.
stated, "As an advisor, Doug has been a valuable asset, as President he brings a lifetime of experience, credibility and power, which will be fully leveraged for growth and a long successful future."
Mr. Ridley said, "I'm pleased to be an official part of a great team. Avidus represents a marvelous opportunity for me to bring the sum of my experience and relationships to bear to execute our plans for growth and success. I'm passionate about network marketing, especially done right; and I welcome the challenge to build something special."