VANCOUVER, BC and MESA, AZ, Oct. 28, 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 October 11, 2013, the Company has completed a non-brokered private placement of 5,333,290 units (the "Units") at a price of $0.15 per Unit for gross proceeds of approximately $800,000 (the "Offering").
Insiders, namely the Honorable John Reynolds, Chairman, Daniel Lundell, CEO and Douglas Ridley, President, led the Offering, cumulatively investing $430,039 of the $800,000.
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 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 10 consecutive trading days prior thereto. 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 86,800 non-transferrable broker warrants (the "Broker Warrants") and paid cash finder's fees equal to $13,020. Each Broker Warrant entitles the holder thereof to purchase one common share of the Company at a price of $0.20 per share for a period of 18 months.The net proceeds from the Offering will be used for general corporate and working capital purposes.
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