Avidus Management Group Inc. (TSXV:AVD) announced a non-brokered private placement of 8,000,000 units at CAD 0.10 per unit for gross proceeds of CAD 800,000 on February 20, 2014. Each unit consists of one common share and one transferable share purchase warrant. Each warrant entitles the holder to purchase one common share of the company at CAD 0.20 per share for a period of 36 months from the closing of the transaction.

The securities issued are subject to a hold period of four months plus a day from the date of issuance. Closing of the transaction is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, as well as approval from the TSX Venture Exchange.