By Sheri Kasprzak
New York, May 16 - Arcadia Resources, Inc. entered into agreements to sell shares to Potomac Capital Management Inc. in a $4.025 million private placement.
The company plans to sell 3,382,353 shares at $1.19 each.
Potomac will also receive warrants for 845,588 shares, exercisable at $1.75 each for seven years.
Proceeds will be used to repay existing debt.
Based in Southfield, Mich., Arcadia provides alternate site health care services and products.
| Issuer: | Arcadia Resources, Inc.
|
| Issue: | Stock
|
| Amount: | $4.025 million
|
| Shares: | 3,382,353
|
| Price: | $1.19
|
| Warrants: | For 845,588 shares
|
| Warrant expiration: | Seven years
|
| Warrant strike price: | $1.75
|
| Investor: | Potomac Capital Management Inc.
|
| Announcement date: | May 16
|
| Stock symbol: | Amex: KAD
|
| Stock price: | $1.29 at close May 16
|
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