| Arcadia Resources announced that it has received commitments from institutional investors to purchase $11.1M of securities in a registered direct offering. Under the terms of separate Subscription Agreements with the investors, Arcadia will sell an aggregate of 15,857,141 units. Each unit, which consists of one share of common stock and a warrant to purchase 0.45 shares of common stock, will be sold for a purchase price of 70c. The warrants to purchase additional shares will be exercisable at a price of 95c per share beginning six months and one day after issuance and will expire five years from the date they are first exercisable. :theflyonthewall.com |
