Avidus Management Group announced that it has received CAD 0.80 million in funding.
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.