By Devika Patel
Knoxville, Tenn., Nov. 9 - Arcadia Resources, Inc. said it plans an $11.1 million registered direct offering of units.
The company will sell 15,857,141 units of one common share and a warrant for 0.45 of a share at $0.70 per unit. Each whole warrant is exercisable at $0.95 for five years.
Burnham Hill Partners, LLC is the agent.
Proceeds will be used for general corporate purposes, for working capital and to repay debt.
Based in Southfield, Mich., Arcadia provides alternate site health care services and products.
Issuer: | Arcadia Resources, Inc.
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Issue: | Units of one common share and a warrant for 0.45 of a share
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Amount: | $11.1 million
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Units: | 15,857,141
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Price: | $0.70
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Warrants: | One warrant for 0.45 of a share per unit
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Warrant expiration: | Five years
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Warrant strike price: | $0.95
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Agent: | Burnham Hill Partners, LLC
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Pricing date: | Nov. 9
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Stock symbol: | Amex: KAD
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Stock price: | $0.75 at close Nov. 6
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Market capitalization: | $111 million
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