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VANCOUVER, BC and
Oct. 11, 2013 /PRNewswire/ - Avidus Management Group Inc. ("
Avidus" or the "
Company") (TSX-V: AVD, OTC: ASNHF) is pleased to announce an increase to its non-brokered unit private placement previously announced on
September 19, 2013 from
$750,000. The Company will issue up to 5,000,000 units (each, a "
Unit") at a purchase price of
$0.15 per Unit (the "
Private Placement"), subject to the approval of the TSX Venture Exchange (the "
Each Unit will be comprised of one common share in the capital of the Company and one transferable common share purchase warrant (each, a "Warrant"). Each Warrant will entitle the holder thereof to purchase an additional common share of the Company at an exercise price of
$0.20 per common share for a period of five years from the date of issue; provided, however, that the Company will be entitled to accelerate the expiry date of the Warrants to the date that is 10 days following the date that the Company provides notice to holders that the closing price of the common shares on the Exchange has been equal to or greater than
$0.45 for ten consecutive trading days prior thereto.
Finder's fees may be payable in connection with the completion of the Private Placement in accordance with Exchange policies. The net proceeds of the Private Placement are expected to be utilized by the Company for general corporate and working capital purposes.
The company also reports the exercise of 2,157,500 common share warrants in the preceding 60 days, each with an exercise price of
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.About Avidus
Avidus Management Group Inc. (TSX-V: AVD, OTC: ASNHF) through its wholly owned subsidiary, Asantae, Inc. (
www.asantae.com) develops, produces and markets innovative nutritional products through direct and network marketing channels. The ingredients in Asantae's products have been shown to reduce chronic low-grade inflammation and oxidative stress, and support a healthy immune system that, according to scientific and medical research, are the underlying conditions for most modern epidemic diseases (diabetes, heart disease, obesity, stroke, etc.).
Forward Looking Statements