VANCOUVER, BC and MESA, AZ, Oct. 28, 2013 /CNW/ - 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.
Avidus Management Group Inc. (TSX-V: AVD, OTC: ASNHF) through its wholly
owned subsidiary, Asantae (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,
This news release may contain forward-looking statements relating to the
Company's operations or to the environment in which it operates. Such
statements are based on operations, estimates, forecasts and
projections. They are not guarantees of future performance and involve
risks and uncertainties that are difficult to predict and may be beyond
the Company's control. A number of important factors could cause actual
outcomes and results to differ materially from those expressed in
forward-looking statements, including those set forth in the Company's
regulatory filings. In addition, such statements relate to the date on
which they are made and the Company disclaims any intention or
obligation to update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise, save and
except as may be required by applicable securities laws.
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.
SOURCE: Avidus Management Group Inc.
For further information:
Avidus Management Group, Inc.
Dan Lundell, CEO/COO
10153 E Hampton Ave, Ste 101, Mesa, AZ, 85209 USA
P: 480-278-8712 / F: 480-383-6147
Sequoia Partners Inc.