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Arcadia Resources Announces Closing of $11.1 Million Financing
Date:11/23/2009

INDIANAPOLIS, Nov. 23 /PRNewswire-FirstCall/ -- Arcadia Resources, Inc. (NYSE Amex: KAD), a leading provider of innovative consumer health care services under the Arcadia HealthCare(SM)( )brand, announced today that it has completed the previously announced sale of shares of its common stock and warrants to purchase common stock pursuant to 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.

The common stock and warrants were sold by Arcadia pursuant to an effective registration statement on Form S-3 filed with the Securities and Exchange Commission (SEC). A prospectus relating to the offering was filed with the SEC on Nov. 9, 2009. Burnham Hill Partners, LLC acted as the exclusive placement agent for the transaction.

This announcement is neither an offer to sell nor a solicitation of an offer to buy any of the Company's shares of common stock or warrants. No offer, solicitation or sale will be made in any jurisdiction in which such offer, solicitation or sale is unlawful. Copies of the prospectus supplement and accompanying prospectus may be obtained directly from the Company by contacting Arcadia Resources, Inc., 9229 Delegates Row, Suite 260, Indianapolis, IN 46240.

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