This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Avidus Completes Private Placement

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.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs