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Arcadia Resources Inc. (AMEX: KAD), an Indianapolis-based firm that provides healthcare staffing, home care and pharmacy services, is selling approximately 15.9 million shares of new stock along with options to acquire further shares for approximately $11.1 million.
The deal calls for Arcadia to sell 15,857,141 units that each include one share per unit plus a warrant to purchase 0.45 shares of common stock. Each unit will cost 70 cents. The warrants would allow owners to acquire stock for 95 cents per share in the future.
Arcadia also announced that Stephen Goldsmith will join its board of directors. Goldsmith will replace Tres Lund, who resigned.
Goldsmith is a former Indianapolis mayor and now serves as the Daniel Paul Professor of Government and director of Innovations in American Government program at Harvard University's Kennedy School of Government.