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Arcadia Resources Raises $11.1 Million

November 24, 2009 (FinancialWire) — Arcadia Resources, Inc. (AMEX: KAD), a provider of consumer health care services, said it has completed the sale of shares of its common stock and warrants to purchase common stock in a registered direct offering to institutional investors, representing gross proceeds to Arcadia of approximately $11.1 million.

Under the terms of separate subscription agreements with the investors, Arcadia sold an aggregate of 15,857,141 units. Each unit, which consists of one share of common stock and a warrant to purchase 0.45 shares of common stock, were sold for a purchase price of $0.70.

The warrants to purchase additional shares will be exercisable at a price of $0.95 per share beginning six months and one day after issuance and will expire five years from the date they are first exercisable.

Arcadia HealthCare is a provider of home care, medical staffing and pharmacy services under its proprietary DailyMed program. The company, headquartered in Indianapolis, Indiana, has 65 locations in 20 states.

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