Avidus Management Group Inc. (TSXV:AVD) announced a non-brokered private placement of up to 3,333,333 units at CAD 0.15 per unit for gross proceeds of CAD 500,000 on September 19, 2013. Each unit consists of one common share and one transferable common share purchase. Each warrant entitles the holder to purchase a common share at an exercise price of CAD 0.20 per common share for a period of 5 years from the date of closing. The company will 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 CAD 0.45 for 10 consecutive trading days prior thereto. The company may pay finder's fees. The transaction is subject to the approval of the TSX Venture Exchange.

On October 11, 2013, the company amended the terms of the transaction. The company will issue 5,000,000 units at CAD 0.15 per unit for gross proceeds of CAD 750,000.

On October 25, 2013, Avidus Management Group closed the transaction. The company issued 5,333,290 units for gross proceeds of CAD 799,993.50 of which CAD 383,515.95 were received from seven investors ursuant to exemption provided under Regulation D. The transaction saw participation from 18 placees. The round was led by John Reynolds, Chairman, Daniel Lundell, Chief Executive Officer, and Douglas Ridley, President who each subscribed for 1,124,850, 1,080,000, and 662,080 units respectively jointly investing CAD 430,039. The company issued a total of 86,800 non-transferrable broker warrants and paid a cash finder's fee of CAD 13,020 to Canaccord Genuity Corp. The broker warrants are exercisable at CAD 0.20 per share for a period of 18 months. The securities issued in the transaction are subject to a four month hold period.