Document:

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                                                                       EXHIBIT A

Exhibit 4.3

THIS WARRANT AND THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED, SOLD,
ASSIGNED OR TRANSFERRED, IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT
UNDER SAID ACT OR AN OPINION OF THE COMPANY'S COUNSEL THAT REGISTRATION UNDER
SAID ACT IS NOT REQUIRED.

                                                          Warrant No. B-1: _____

                    SERIES B-1 COMMON STOCK PURCHASE WARRANT

         To Purchase Up To _______________ Shares of the Common Stock of

                             ARCADIA RESOURCES, INC.

      THIS IS TO CERTIFY THAT ______________, or registered assigns (the
"Holder"), is entitled, during the Exercise Period (as hereinafter defined), to
purchase from Arcadia Resources, Inc., a Nevada corporation (the "Company"), the
Warrant Stock (as hereinafter defined), in whole or in part, at a purchase price
of $0.001 per share, all on and subject to the terms and conditions hereinafter
set forth.

      1. Definitions. As used in this Warrant, the following terms have the
respective meanings set forth below:

      "Affiliate" means any person or entity that, directly or indirectly
through one or more intermediaries, controls or is controlled by or is under
common control with a person or entity, as such terms are used in and construed
under Rule 144 under the Securities Act. With respect to a Holder of Warrants,
any investment fund or managed account that is managed on a discretionary basis
by the same investment manager as such Holder will be deemed to be an Affiliate
of such Holder.

      "Appraised Value" means, in respect of any share of Common Stock on any
date herein specified, the fair saleable value of such share of Common Stock
(determined with giving effect to the discount for (i) a minority interest or
(ii) any lack of liquidity of the Common Stock or to the fact that the Company
may have no class of equity registered under the Exchange Act) as of the last
day of the most recent fiscal month ending prior to such date specified, based
on the value of the Company on a fully-diluted basis, as determined by a
nationally recognized investment banking firm selected by the Company's Board of
Directors and having no prior relationship with the Company.

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                                                                       EXHIBIT A

      "Business Day" means any day except Saturday, Sunday and any day which
shall be a legal holiday or a day on which banking institutions in the State of
Michigan generally are authorized or required by law or other government actions
to close.

      "Change of Control" means the (i) acquisition by an individual or legal
entity or group (as set forth in Section 13(d) of the Exchange Act) of more than
one-half of the voting rights or equity interests in the Company; or (ii) sale,
conveyance, or other disposition of all or substantially all of the assets,
property or business of the Company or the merger into or consolidation with any
other corporation (other than a wholly owned subsidiary corporation) or
effectuation of any transaction or series of related transactions where holders
of the Company's voting securities prior to such transaction or series of
transactions fail to continue to hold at least 50% of the voting power of the
Company (or, if other than the Company, the successor or acquiring entity)
immediately following such transaction.

      "Closing Date" means September ___, 2005.

      "Commission" means the Securities and Exchange Commission or any other
federal agency then administering the Securities Act and other federal
securities laws.

      "Common Stock" means (except where the context otherwise indicates) the
Common Stock, $0.001 par value per share, of the Company as constituted on the
Closing Date, and any capital stock into which such Common Stock may thereafter
be changed or converted, and shall also include (i) capital stock of the Company
of any other class (regardless of how denominated) issued to the holders of
shares of Common Stock upon any reclassification thereof which is also not
preferred as to dividends or assets on liquidation over any other class of stock
of the Company and which is not subject to redemption and (ii) shares of common
stock of any successor or acquiring corporation received by or distributed to
the holders of Common Stock of the Company in the circumstances contemplated by
Section 4.

      "Current Market Price" means, in respect of any share of Common Stock on
any date herein specified,

      (1) if there shall not then be a public market for the Common Stock, the
higher of

            (a) the book value per share of Common Stock at such date, and

            (b) the Appraised Value per share of Common Stock at such date,

      or

      (2) if there shall then be a public market for the Common Stock, the
average of the daily market prices for the five (5) consecutive trading days
immediately before such date. The daily market price for each such trading day
shall be (i) the closing bid price on such day on the OTC Bulletin Board or
principal stock exchange (including Nasdaq) on which such Common Stock is then
listed or admitted to trading, or quoted, as applicable, (ii) if no sale takes
place on

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                                                                       EXHIBIT A

such day on the OTC Bulletin Board or any such exchange, the last reported
closing bid price on such day as officially quoted on the OTC Bulletin Board or
any such exchange (including Nasdaq), (iii) if the Common Stock is not then
listed or admitted to trading on the OTC Bulletin Board or any stock exchange,
the last reported closing bid price on such day in the over-the-counter market,
as furnished by the National Association of Securities Dealers Automatic
Quotation System or the National Quotation Bureau, Inc., (iv) if neither such
corporation at the time is engaged in the business of reporting such prices, as
furnished by any similar firm then engaged in such business, or (v) if there is
no such firm, as furnished by any member of the NASD selected mutually by the
holder of this Warrant and the Company or, if they cannot agree upon such
selection, as selected by two such members of the NASD, one of which shall be
selected by holder of this Warrant and one of which shall be selected by the
Company.

      "Current Warrant Price" means, in respect of a share of Common Stock at
any date herein specified, the price at which a share of Common Stock may be
purchased pursuant to this Warrant on such date. Unless and until the Current
Warrant Price is adjusted pursuant to the terms herein, the initial Current
Warrant Price shall be $0.001 per share of Common Stock.

      "Exchange Act" means the Securities Exchange Act of 1934, as amended, or
any similar federal statute, and the rules and regulations of the Commission
thereunder, all as the same shall be in effect from time to time.

      "Exercise Period" means the period during which this Warrant is
exercisable pursuant to Section 2.1.

      "Expiration Date" means September _____, 2009, subject to modification as
provided herein.

      "NASD" means the National Association of Securities Dealers, Inc., or any
successor corporation thereto.

      "Other Property" has the meaning set forth in Section 4.

      "Person" means any individual, sole proprietorship, partnership, joint
venture, trust, incorporated organization, association, corporation, limited
liability company, institution, public benefit corporation, entity or government
(whether federal, state, county, city, municipal or otherwise, including,
without limitation, any instrumentality, division, agency, body or department
thereof).

      "Purchase Agreement" means that certain Warrant Purchase and Registration
Rights Agreement dated as of the Closing Date among the Company and the other
parties named therein, pursuant to which this Warrant was originally issued.

      "Restricted Common Stock" means shares of Common Stock which are, or which
upon their issuance upon the exercise of any Warrant would be required to be,
evidenced by a certificate bearing the restrictive legend set forth in Section
3.2.

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                                                                       EXHIBIT A

      "Securities Act" means the Securities Act of 1933, as amended, or any
similar federal statute, and the rules and regulations of the Commission
thereunder, all as the same shall be in effect at the time.

      "Trading Day" means any day on which the primary market on which shares of
Common Stock are listed is open for trading.

      "Transfer" means any disposition of any Warrant or Warrant Stock or of any
interest in either thereof, which would constitute a sale thereof within the
meaning of the Securities Act.

      "Warrants" means this Warrant and all warrants issued upon transfer,
division or combination of, or in substitution for, any thereof. All Warrants
shall at all times be identical as to terms and conditions and date, except as
to the number of shares of Common Stock for which they may be exercised.

      "Warrant Price" means an amount equal to (i) the number of shares of
Common Stock being purchased upon exercise of this Warrant pursuant to Section
2.1, multiplied by (ii) the Current Warrant Price.

      "Warrant Stock" means up to ____________ shares of Common Stock to be
purchased upon the exercise hereof, subject to adjustment as provided herein.

      2. Exercise of Warrant.

            2.1 Manner of Exercise. From and after the Closing Date, and until
      5:00 P.M., New York time, on the Expiration Date (the "Exercise Period"),
      the Holder may exercise this Warrant, on any Business Day, for all or any
      part of the number of shares of Warrant Stock purchasable hereunder,
      subject to the terms and conditions of this Warrant.

            In order to exercise this Warrant, in whole or in part, the Holder
      shall deliver to the Company at its principal office or at the office or
      agency designated by the Company as provided herein, (i) a written notice
      of Holder's election to exercise this Warrant, which notice shall specify
      the number of shares of Warrant Stock to be purchased, (ii) payment of the
      Warrant Price as provided herein, and (iii) this Warrant. Such notice
      shall be irrevocable and substantially in the form of the subscription
      form appearing at the end of this Warrant as Exhibit A, duly executed by
      the Holder or its agent or attorney. Upon receipt thereof, the Company
      shall, as promptly as reasonably practicable, execute or cause to be
      executed and deliver or cause to be delivered to the Holder a certificate
      or certificates representing the aggregate number of full shares of
      Warrant Stock issuable upon such exercise, together with cash in lieu of
      any fraction of a share, as hereinafter provided. The stock certificate or
      certificates so delivered shall be, to the extent possible, in such
      denomination or denominations as the Holder shall reasonably request in
      the notice and shall be registered in the name of the Holder or if
      permitted pursuant to the terms of this Warrant such other name as shall
      be designated in the notice. This Warrant

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                                                                       EXHIBIT A

      shall be deemed to have been exercised and such certificate or
      certificates shall be deemed to have been issued, and the Holder or any
      other Person so designated to be named therein shall be deemed to have
      become a Holder of record of such shares for all purposes, as of the date
      when the notice, together with the payment of the Warrant Price and this
      Warrant, is received by the Company as described above. If this Warrant
      shall have been exercised in part, the Company shall, at the time of
      delivery of the certificate or certificates representing Warrant Stock,
      deliver to the Holder a new Warrant evidencing the rights of the Holder to
      purchase the unpurchased shares of Common Stock called for by this
      Warrant, which new Warrant shall in all other respects be identical with
      this Warrant, or at the request of the Holder, appropriate notation may be
      made on this Warrant and the same returned to the Holder.

            Payment of the Warrant Price may be made at the option of the Holder
      by: (i) certified or official bank check payable to the order of the
      Company, (ii) wire transfer of immediately available funds to the account
      of the Company or (iii) beginning one year after the Closing Date, the
      surrender and cancellation of a portion of shares of Common Stock then
      held by the Holder or issuable upon such exercise of this Warrant, which
      shall be valued and credited toward the total Warrant Price due the
      Company for the exercise of the Warrant based upon the Current Market
      Price of the Common Stock. All shares of Common Stock issuable upon the
      exercise of this Warrant pursuant to the terms hereof shall be validly
      issued and, upon payment of the Warrant Price, shall be fully paid and
      nonassessable and not subject to any preemptive rights.

            2.2 Fractional Shares. The Company shall not be required to issue a
      fractional share of Common Stock upon exercise of any Warrant. As to any
      fraction of a share which the Holder of one or more Warrants, the rights
      under which are exercised in the same transaction, would otherwise be
      entitled to purchase upon such exercise, the Company shall pay an amount
      in cash equal to the Current Market Price per share of Common Stock on the
      date of exercise multiplied by such fraction.

            2.3 Restrictions on Exercise Amount. Unless a Holder delivers to the
      Company irrevocable written notice prior to the date of issuance hereof or
      sixty-one days prior to the effective date of such notice that this
      Section shall not apply to such Holder, the Holder may not acquire a
      number of shares of Warrant Stock to the extent that, upon such exercise,
      the number of shares of Common Stock then beneficially owned by such
      holder and its Affiliates and any other persons or entities whose
      beneficial ownership of Common Stock would be aggregated with the Holder's
      for purposes of Section 13(d) of the Exchange Act (including shares held
      by any "group" of which the holder is a member, but excluding shares
      beneficially owned by virtue of the ownership of securities or rights to
      acquire securities that have limitations on the right to convert, exercise
      or purchase similar to the limitation set forth herein) exceeds 4.9% of
      the total number of shares of Common Stock of the Company then issued and
      outstanding. For purposes hereof, "group" has the meaning set forth in
      Section 13(d) of the Exchange Act and applicable regulations of the
      Commission, and the percentage held by the holder shall be determined in a
      manner consistent with the provisions of Section 13(d) of the Exchange
      Act. Each delivery of a notice of exercise by a Holder will constitute a
      representation by such

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                                                                       EXHIBIT A

      Holder that it has evaluated the limitation set forth in this paragraph
      and determined, based on the most recent public filings by the Company
      with the Commission, that the issuance of the full number of shares of
      Warrant Stock requested in such notice of exercise is permitted under this
      paragraph.

            In the event that the provisions of this Section 2.3 shall apply as
      of September ______, 2009, the Expiration Date shall be extended for an
      additional 18 months or until the date that the provisions of this Section
      2.3 shall not apply, whichever occurs first.

      3. Transfer, Division and Combination.

            3.1 Transfer. The Warrants and the Warrant Stock shall be freely
      transferable, subject to compliance with this Section 3.1 and all
      applicable laws, including, but not limited to the Securities Act. If, at
      the time of the surrender of this Warrant in connection with any transfer
      of this Warrant or the resale of the Warrant Stock, this Warrant or the
      Warrant Stock, as applicable, shall not be registered for resale under the
      Securities Act, the Company may require, as a condition of allowing such
      transfer (i) that the Holder or transferee of this Warrant or the Warrant
      Stock as the case may be, at the cost of Holder or transferee, furnish to
      the Company a written opinion of counsel that is reasonably acceptable to
      the Company to the effect that such transfer may be made without
      registration under the Securities Act and any applicable state law, (ii)
      that the Holder or transferee execute and deliver to the Company an
      investment representation letter in form and substance acceptable to the
      Company and substantially in the form attached as Exhibit C hereto and
      (iii) that the transferee be an "accredited investor" as defined in Rule
      501 (a) promulgated under the Securities Act. Transfer of this Warrant and
      all rights hereunder, in whole or in part, in accordance with the
      foregoing provisions, shall be registered on the books of the Company to
      be maintained for such purpose, upon surrender of this Warrant at the
      principal office of the Company referred to in Section 2.1 or the office
      or agency designated by the Company as provided herein, together with a
      written assignment of this Warrant substantially in the form of Exhibit B
      hereto duly executed by the Holder or its agent or attorney and funds
      sufficient to pay any transfer taxes payable upon the making of such
      transfer. Upon such surrender and, if required, such payment, the Company
      shall execute and deliver a new Warrant or Warrants in the name of the
      assignee or assignees and in the denomination specified in such instrument
      of assignment, and shall issue to the assignor a new Warrant evidencing
      the portion of this Warrant not so assigned, and this Warrant shall
      promptly be cancelled. Following a transfer that complies with the
      requirements of this Section 3.1, the Warrant may be exercised by a new
      Holder for the purchase of shares of Common Stock regardless of whether
      the Company issued or registered a new Warrant on the books of the
      Company. In connection with any transfer of this Warrant or the resale of
      the Warrant Stock pursuant to Rule 144 or other than pursuant to an
      effective registration statement, the Holder or transferee shall
      compensate the Company for its reasonable expenses incurred in connection
      with effectuating such transfer or resale.

            3.2 Restrictive Legends. Each certificate for Warrant Stock
      initially issued upon the exercise of this Warrant, and each certificate
      for Warrant Stock issued to any

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                                                                       EXHIBIT A

      subsequent transferee of any such certificate, unless, in each case, such
      Warrant Stock is eligible for resale without registration pursuant to Rule
      144(k) or an effective registration statement under the Securities Act,
      shall bear the following legend:

      "THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
      THE SECURITIES ACT OF 1933 AS AMENDED, AND MAY NOT BE OFFERED OR SOLD IN
      THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER SAID ACT OR AN
      OPINION OF THE COMPANY'S COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED."

      In addition, each certificate for Warrant Stock initially issued upon the
      exercise of this Warrant, and each certificate for Warrant Stock issued to
      any subsequent transferee of any such certificate, shall bear any legends
      which the Company reasonably believes is required or permitted to affix
      per the terms of applicable voting or other contractual agreements.

      The Company shall facilitate the timely preparation and delivery of
      certificates representing the Warrant Stock to be sold pursuant to an
      effective Registration Statement, which certificates shall be free, to the
      extent permitted by applicable law and this Warrant, of all restrictive
      legends, and to enable such Warrant Stock to be in such denominations and
      registered in such names as the Holder may request at least five (5)
      business days prior to any sale of the Warrant Stock. In connection
      therewith, the Company shall promptly after the effectiveness of the
      Registration Statement cause an opinion of counsel to be delivered to and
      maintained with its transfer agent, together with any other
      authorizations, certificates and directions required by the transfer
      agent, which authorize and direct the transfer agent to issue such Warrant
      Stock without legend upon sale by the holder of such Warrant Stock under
      the Registration Statement, for such time as the Registration Statement is
      effective.

            3.3 Division and Combination; Expenses; Books. This Warrant may be
      divided or combined with other Warrants upon presentation hereof at the
      aforesaid office or agency of the Company, together with a written notice
      specifying the names and denominations in which new Warrants are to be
      issued, signed by the Holder or its agent or attorney. Subject to
      compliance with Section 3.1 as to any transfer which may be involved in
      such division or combination, the Company shall execute and deliver a new
      Warrant or Warrants in exchange for the Warrant or Warrants to be divided
      or combined in accordance with such notice. The Company shall prepare,
      issue and deliver at Holder's expense the new Warrant or Warrants under
      this Section 3. The Company agrees to maintain, at its aforesaid office or
      agency, books for the registration and the registration of transfer of the
      Warrants.

      4. Adjustments. The number of shares of Common Stock for which this
Warrant is exercisable, and the price at which such shares may be purchased upon
exercise of this Warrant, shall be subject to adjustment from time to time as
set forth in this Section 4.

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                                                                       EXHIBIT A

            4.1 Stock Dividends, Subdivisions and Combinations. If at any time
      while this Warrant is outstanding the Company shall:

                  (i) declare a dividend or make a distribution on its
            outstanding shares of Common Stock in shares of Common Stock;

                  (ii) subdivide its outstanding shares of Common Stock into a
            larger number of shares of Common Stock; or

                  (iii) combine its outstanding shares of Common Stock into a
            smaller number of shares of Common Stock, then:

      (1) the number of shares of Common Stock acquirable upon exercise of this
Warrant immediately after the occurrence of any such event shall be adjusted to
equal the number of shares of Common Stock which a record holder of the same
number of shares of Common Stock that would have been acquirable under this
Warrant immediately prior to the record date for such dividend or distribution
or the effective date of such subdivision or combination would own or be
entitled to receive after such record date or the effective date of such
subdivision or combination, as applicable, and

      (2) the Current Warrant Price shall be adjusted to equal:

            (A) the Current Warrant Price in effect at the time of the record
      date for such dividend or distribution or of the effective date of such
      subdivision or combination, multiplied by the number of shares of Common
      Stock into which this Warrant is exercisable immediately prior to the
      adjustment, divided by

            (B) the number of shares of Common Stock into which this Warrant is
      exercisable immediately after such adjustment.

      Any adjustment made pursuant to clause (i) of this paragraph shall become
effective immediately after the record date for the determination of
stockholders entitled to receive such dividend or distribution, and any
adjustment pursuant to clauses (ii) or (iii) of this paragraph shall become
effective immediately after the effective date of such subdivision or
combination.

            4.2 Certain Other Distributions. If at any time while this Warrant
      is outstanding the Company shall cause all of the holders of its Common
      Stock to be entitled to receive any dividend or other distribution of:

                  (i) cash,

                  (ii) any evidences of its indebtedness, any shares of stock of
            any class or any other securities or property or assets of any
            nature whatsoever (other than cash or additional shares of Common
            Stock as provided in Section 4.1 hereof), or

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                                                                       EXHIBIT A

                  (iii) any warrants or other rights to subscribe for or
            purchase any evidences of its indebtedness, any shares of stock of
            any class or any other securities or property or assets of any
            nature whatsoever (in each case set forth in subparagraphs 4.2(i),
            4.2(ii) and 4.2(iii) hereof, the "Distributed Property"),

then upon any exercise of this Warrant that occurs after the record date for
such dividend or other distribution, the holder of this Warrant shall be
entitled to receive, in addition to the shares of Warrant Stock, the Distributed
Property that such holder would have been entitled to receive in respect of such
number of Warrant Shares had the holder been the record holder of such Warrant
Shares as of such record date. Such distribution shall be made whenever any such
exercise is made. A reclassification of the Common Stock (other than a change in
par value, or from par value to no par value or from no par value to par value)
into shares of Common Stock and shares of any other class of stock shall be
deemed a distribution by the Corporation to the holders of its Common Stock of
such shares of such other class of stock within the meaning of this Section 4.2
and, if the outstanding shares of Common Stock shall be changed into a larger or
smaller number of shares of Common Stock as a part of such reclassification,
such change shall be deemed a subdivision or combination, as the case may be, of
the outstanding shares of Common Stock within the meaning of Section 4.1.

            4.3 Other Provisions Applicable to Adjustments. The following
      provisions shall be applicable to the making of adjustments of the number
      of shares of Common Stock into which this Warrant is exercisable and the
      Current Warrant Price provided for in Section 4:

                  (a) When Adjustments to Be Made. The adjustments required by
            Section 4 shall be made whenever and as often as any specified event
            requiring an adjustment shall occur, except that any that would
            otherwise be required may be postponed (except in the case of a
            subdivision or combination of shares of the Common Stock, as
            provided for in Section 4.1) up to, but not beyond the date of
            exercise if such adjustment either by itself or with other
            adjustments not previously made adds or subtracts less than 1% of
            the shares of Common Stock into which this Warrant is exercisable
            immediately prior to the making of such adjustment. Any adjustment
            representing a change of less than such minimum amount (except as
            aforesaid) which is postponed shall be carried forward and made as
            soon as such adjustment, together with other adjustments required by
            this Section 4 and not previously made, would result in a minimum
            adjustment or on the date of exercise. For the purpose of any
            adjustment, any specified event shall be deemed to have occurred at
            the close of business on the date of its occurrence.

                  (b) Fractional Interests. In computing adjustments under this
            Section 4, fractional interests in Common Stock shall be taken into
            account to the nearest 1/100th of a share.

                  (c) When Adjustment Not Required. If the Company undertakes a
            transaction contemplated under this Section 4 and as a result takes
            a record of the holders of its Common Stock for the purpose of
            entitling them to receive a

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                                                                       EXHIBIT A

            dividend or distribution or subscription or purchase rights or other
            benefits contemplated under this Section 4 and shall, thereafter and
            before the distribution to stockholders thereof, legally abandon its
            plan to pay or deliver such dividend, distribution, subscription or
            purchase rights or other benefits contemplated under this Section 4,
            then thereafter no adjustment shall be required by reason of the
            taking of such record and any such adjustment previously made in
            respect thereof shall be rescinded and annulled.

                  (d) Escrow of Stock. If after any property becomes
            distributable pursuant to Section 4 by reason of the taking of any
            record of the holders of Common Stock, but prior to the occurrence
            of the event for which such record is taken, a holder of this
            Warrant exercises the Warrant during such time, then such holder
            shall continue to be entitled to receive any shares of Common Stock
            issuable upon exercise hereunder by reason of such adjustment and
            such shares or other property shall be held in escrow for the holder
            of this Warrant by the Company to be issued to holder of this
            Warrant upon and to the extent that the event actually takes place.
            Notwithstanding any other provision to the contrary herein, if the
            event for which such record was taken fails to occur or is
            rescinded, then such escrowed shares shall be canceled by the
            Company and escrowed property returned to the Company.

            4.4 Reorganization, Reclassification, Merger, Consolidation or
      Disposition of Assets.

                  (a) If there shall occur a Change of Control and, pursuant to
            the terms of such Change of Control, shares of common stock of the
            successor or acquiring corporation, or any cash, shares of stock or
            other securities or property of any nature whatsoever (including
            warrants or other subscription or purchase rights) in addition to or
            in lieu of common stock of the successor or acquiring corporation
            ("Other Property"), are to be received by or distributed to the
            holders of Common Stock of the Company, then the Holder of this
            Warrant shall have the right thereafter for the Balance of the
            Exercise Period to receive, upon the exercise of the Warrant, the
            number of shares of common stock of the successor or acquiring
            corporation or of the Company, if it is the surviving corporation,
            and the Other Property receivable upon or as a result of such Change
            of Control by a holder of the number of shares of Common Stock into
            which this Warrant is exercisable immediately prior to such event.

                  (b) In case of any such Change of Control described above, the
            resulting, successor or acquiring entity (if not the Company) and,
            if an entity different from the successor or acquiring entity, the
            entity whose capital stock or assets the holders of the Common Stock
            are entitled to receive as a result of such Change of Control, shall
            assume by written instrument all of the obligations of this Warrant
            and the Transaction Documents (as defined in the Purchase
            Agreement), subject to such modifications as may be deemed
            appropriate (as determined by resolution of the Board of Directors
            of the Company) in order to

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                                                                       EXHIBIT A

            provide for adjustments of shares of the Common Stock into which
            this Warrant is exercisable which shall be as nearly equivalent as
            practicable to the adjustments provided for in Section 4. For
            purposes of Section 4, common stock of the successor or acquiring
            corporation shall include stock of such corporation of any class
            which is not preferred as to dividends or assets on liquidation over
            any other class of stock of such corporation and which is not
            subject to redemption and shall also include any evidences of
            indebtedness, shares of stock or other securities which are
            convertible into or exchangeable for any such stock, either
            immediately or upon the arrival of a specified date or the happening
            of a specified event and any warrants or other rights to subscribe
            for or purchase any such stock. The foregoing provisions of this
            Section 4 shall similarly apply to successive Change of Control
            transactions.

            4.5 Stock Transfer Taxes. The issue of stock certificates upon
      exercise of this Warrant shall be made without charge to the holder for
      any tax in respect of such issue. The Company shall not, however, be
      required to pay any tax which may be payable in respect of any transfer
      involved in the issue and delivery of shares in any name other than that
      of the holder of this Warrant, and the Company shall not be required to
      issue or deliver any such stock certificate unless and until the person or
      persons requesting the issue thereof shall have paid to the Company the
      amount of such tax or shall have established to the satisfaction of the
      Company that such tax has been paid.

      5. No Rights as Stockholder. This Warrant does not entitle the Holder to
any voting or other rights as a stockholder of the Company prior to exercise and
payment for the Warrant Price in accordance with the terms hereof.

      6. Reservation and Authorization of Common Stock. From and after the
Closing Date, the Company shall at all times reserve and keep available for
issue upon the exercise of Warrants such number of its authorized but unissued
shares of Common Stock as will be sufficient to permit the exercise in full of
all outstanding Warrants

      7. Taking of Record; Stock and Warrant Transfer Books. In the case of all
dividends or other distributions by the Company to the holders of its Common
Stock with respect to which any provision of Section 4 refers to the taking of a
record of such holders, the Company will in each such case take such a record
and will take such record as of the close of business on a Business Day. The
Company will not at any time, except upon dissolution, liquidation or winding up
of the Company, close its stock transfer books or Warrant transfer books so as
to result in preventing or delaying the exercise or transfer of any Warrant.

      8. Registration Rights. The resale of the Warrant Stock shall be
registered in accordance with and subject to the terms and conditions contained
in the Purchase Agreement. The Holder acknowledges that pursuant to the Purchase
Agreement, the Company has the right to request that the Holder furnish
information regarding such Holder and the distribution of the Warrant Stock as
is required by law or the Commission to be disclosed in the Registration
Statement (as such term is defined in the Purchase Agreement), and the Company
may exclude from such registration the shares of Warrant Stock acquirable
hereunder if Holder fails to furnish

                                 Page 11 of 18
<PAGE>

                                                                       EXHIBIT A

such information within a reasonable time prior to the filing of each
Registration Statement, supplemented prospectus included therein and/or amended
Registration Statement.

      9. Loss or Mutilation. Upon receipt by the Company from the Holder of
evidence reasonably satisfactory to it of the ownership of and the loss, theft,
destruction or mutilation of this Warrant and indemnity or security reasonably
satisfactory to it and reimbursement to the Company of all reasonable expenses
incidental thereto and in case of mutilation upon surrender and cancellation
hereof, the Company, at Holder's cost, will execute and deliver in lieu hereof a
new Warrant of like tenor to the Holder; provided, however, that in the case of
mutilation, no indemnity shall be required if this Warrant in identifiable form
is surrendered to the Company for cancellation.

      10. Office of the Company. As long as any of the Warrants remain
outstanding, the Company shall maintain an office or agency (which may be the
principal executive offices of the Company) where the Warrants may be presented
for exercise, registration of transfer, division or combination as provided in
this Warrant.

      11. Acceleration of Expiration Date at Company's Election. The Company
may, at the option of the Board of Directors of the Company, accelerate the
Expiration Date of this Warrant in connection with the consummation of a Change
of Control transaction by giving the Holder or transferee at least 21 days
written notice prior to the anticipated date of consummation of the applicable
Change of Control transaction (the "Accelerated Expiration Date"). As of the
Accelerated Expiration Date, all rights and obligations of the Company under
this Warrant shall become null and void to the extent that the Holder or
transferee shall not have exercised this Warrant as of or prior to the
Accelerated Expiration Date.

      12. Miscellaneous.

            12.1 Nonwaiver. No course of dealing or any delay or failure to
      exercise any right or obligation hereunder on the part of the Holder or
      the Company shall operate as a waiver of such right or obligation, unless
      the same shall be in writing signed by the Holder or the Company.

            12.2 Notice Generally. All notices, requests, demands or other
      communications provided for herein shall be in writing and shall be given
      in the manner and to the addresses set forth in the Purchase Agreement.

            12.3 Successors and Assigns. Subject to compliance with the
      provisions of Section 3.1, this Warrant and the rights evidenced hereby
      shall inure to the benefit of and be binding upon the successors of the
      Company and the successors and assigns of the Holder. The provisions of
      this Warrant are intended to be for the benefit of all Holders from time
      to time of this Warrant, and shall be enforceable by any such Holder.

            12.4 Amendment. This Warrant may be modified or amended or the
      provisions of this Warrant waived with the written consent of
      both the Company and the Holder.

                                 Page 12 of 18

<PAGE>

                                                                       EXHIBIT A

            12.5 Severability. Wherever possible, each provision of this Warrant
      shall be interpreted in such manner as to be effective and valid under
      applicable law, but if any provision of this Warrant shall be prohibited
      by or invalid under applicable law, such provision shall be modified to
      the extent of such prohibition or invalidity, without invalidating the
      remainder of such provision or the remaining provisions of this Warrant.

            12.6 Headings. The headings used in this Warrant are for the
      convenience of reference only and shall not, for any purpose, be deemed a
      part of this Warrant.

            12.7 Governing Law. This Warrant and the transactions contemplated
      hereby shall be deemed to be consummated in the State of Delaware and
      shall be governed by and interpreted in accordance with the local laws of
      the State of Delaware without regard to the provisions thereof relating to
      conflicts of laws. Any dispute, controversy or claim arising out of or
      relating to this Agreement, whether arising in contract, tort or otherwise
      shall be resolved in accordance with the rules of the American Arbitration
      Association, except for any equitable or injunctive relief sought under
      this Agreement. The arbitration shall be held at a location within Oakland
      County, Michigan. The Parties agree that any arbitration award rendered on
      any claim submitted to arbitration shall be final and binding upon the
      Parties and not subject to appeal and that judgment may be entered upon
      any arbitration award by any circuit court located in Michigan.

            12.8 Entire Agreement. This Warrant, together with the Purchase
      Agreement which this Warrant is subject to and pursuant to which it is
      given, constitute the entire agreement between the Company and Holder with
      respect to the subject matter hereof and supersedes any and all other
      prior or contemporaneous agreements, either oral or written, between the
      Company and Holder with respect to the subject matter hereof. Headings
      herein are for convenience only and shall not be deemed to limit or affect
      any of the provisions hereof.

      IN WITNESS WHEREOF, Arcadia Resources, Inc. has caused this Warrant to be
executed by its duly authorized officer and attested by its Secretary or other
designated officer.

Dated:  September __________,2005

                                             ARCADIA RESOURCES, INC.

                                             By:________________________________
                                             Name:
                                             Title:

Attest:

                                 Page 13 of 18

<PAGE>

                                                                       EXHIBIT A

By:_________________________________
Name:
Title:

                                 Page 14 of 18
<PAGE>

                                                                       EXHIBIT A

                                    EXHIBIT A

                                SUBSCRIPTION FORM

                 [To be executed only upon exercise of Warrant]

      1. The undersigned hereby elects to purchase __________shares of the
Common Stock of Arcadia Resources, Inc. pursuant to the terms of the attached
Warrant, and tenders herewith payment of the purchase price of such shares in
full.

      2. The undersigned hereby elects to convert the attached Warrant into
Common Stock of Arcadia Resources, Inc. through "cashless exercise" in the
manner specified in the Warrant. This conversion is exercised with respect to
____________ of the Shares covered by the Warrant.

      3. Please issue a certificate or certificates representing said shares in
the name of the undersigned or in such other name as is specified below:

                                           _____________________________________
                                                          (Name)

                                           _____________________________________
                                           _____________________________________
                                           _____________________________________
                                                           (Address)

      [and, if such shares of Common Stock shall not include all of the shares
of Common Stock issuable as provided in this Warrant, that a new Warrant of like
tenor and date for the balance of the shares of Common Stock issuable hereunder
be delivered to the undersigned.]

_____________________________________
(Name of Registered Owner)

_____________________________________
(Signature of Registered Owner)

_____________________________________
(Street Address)

_____________________________________
(State) (Zip Code)

NOTICE: The signature on this subscription must correspond with the name as
written upon the face of the Warrant in every particular, without alteration or
enlargement or any change whatsoever.

                                 Page 15 of 18
<PAGE>

                                                                       EXHIBIT A

                                    EXHIBIT B

                                 ASSIGNMENT FORM

FOR VALUE RECEIVED the undersigned registered owner of this Warrant for the
purchase of shares of common stock of Arcadia Resources, Inc. hereby sells,
assigns and transfers unto the Assignee named below all of the rights of the
undersigned under this Warrant, with respect to the number of shares of common
stock set forth below:

_____________________________________

_____________________________________

_____________________________________
(Name and Address of Assignee)

_____________________________________
(Number of Shares of Common Stock)

and does hereby irrevocably constitute and appoint _____________________
attorney-in-fact to register such transfer on the books of the Company,
maintained for the purpose, with full power of substitution in the premises.

Dated:_______________________________

_____________________________________
(Print Name and Title)

_____________________________________
(Signature)

_____________________________________
(Witness)

NOTICE: The signature on this assignment must correspond with the name as
written upon the face of the Warrant in every particular, without alteration or
enlargement or any change whatsoever.

                                 Page 16 of 18

<PAGE>

                                                                       EXHIBIT A

                                    EXHIBIT C
                    FORM OF INVESTMENT REPRESENTATION LETTER

In connection with the acquisition of [warrants (the "Warrants") to purchase
_________ shares of common stock of Arcadia Resources, Inc. (the "Company"), par
value $0.001 per share (the "Common Stock")] [ ___________ shares of common
stock of Arcadia Resources, Inc. (the "Company"), par value $0.001 per share
(the "Common Stock") upon the exercise of warrants by_____________],
by__________(the "Holder") from__________________, the Holder hereby represents
and warrants to the Company as follows:

The Holder (i) is an "Accredited Investor" as that term is defined in Rule 501
of Regulation D promulgated under the Securities Act of 1933, as amended (the
"Act"); and (ii) has the ability to bear the economic risks of such Holder's
prospective investment, including a complete loss of Holder's investment in the
Warrants and the shares of Common Stock issuable upon the exercise thereof
(collectively, the "Securities").

The Holder, by acceptance of the Warrants, represents and warrants to the
Company that the Warrants and all securities acquired upon any and all exercises
of the Warrants are purchased for the Holder's own account, and not with view to
distribution of either the Warrants or any securities purchasable upon exercise
thereof in violation of applicable securities laws.

[The Holder acknowledges that (i) the Securities have not been registered under
the Act, (ii) the Securities are "restricted securities" and the certificate(s)
representing the Securities shall bear the following legend, or a similar legend
to the same effect, until (i) in the case of the shares of Common Stock
underlying the Warrants, such shares shall have been registered for resale by
the Holder under the Act and effectively been disposed of in accordance with a
registration statement that has been declared effective; or (ii) in the opinion
of counsel for the Company such Securities may be sold without registration
under the Act:

"[NEITHER] THE SECURITIES REPRESENTED BY THIS CERTIFICATE [NOR THE SECURITIES
INTO WHICH THEY ARE EXERCISABLE] HAVE [NOT] BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE "ACT"), AND ALL SUCH SECURITIES ARE SUBJECT TO
RESTRICTIONS ON TRANSFERABILITY AS SET FORTH IN THIS CERTIFICATE. [NEITHER] THE
SECURITIES REPRESENTED HEREBY [NOR THE SECURITIES INTO WHICH THEY ARE
EXERCISABLE] MAY [NOT] BE SOLD, TRANSFERRED, OR OTHERWISE DISPOSED OF IN THE
ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR AN OF THE
COMPANY'S COUNSEL TO THE EFFECT THAT THE PROPOSED SALE, TRANSFER, OR DISPOSITION
MAY BE EFFECTUATED WITHOUT REGISTRATION UNDER THE ACT."](1)

----------
(1) Bracketed language to be inserted if applicable.

                                 Page 17 of 18

<PAGE>

                                                                       EXHIBIT A

IN WITNESS WHEREOF, the Holder has caused this Investment Representation Letter
to be executed this ___ day of _______________, 200_____________.

[Name]

By:__________________________________
Name:
Title:

                                 Page 18 of 18<PAGE>

                                                                       EXHIBIT B

Exhibit 4.4

THIS WARRANT AND THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED, SOLD,
ASSIGNED OR TRANSFERRED, IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT
UNDER SAID ACT OR AN OPINION OF THE COMPANY'S COUNSEL THAT REGISTRATION UNDER
SAID ACT IS NOT REQUIRED.

                                                          Warrant No. B-2: _____

                    SERIES B-2 COMMON STOCK PURCHASE WARRANT

        To Purchase Up To _________________ Shares of the Common Stock of

                             ARCADIA RESOURCES, INC.

      THIS IS TO CERTIFY THAT _________________, or registered assigns (the
"Holder"), is entitled, during the Exercise Period (as hereinafter defined), to
purchase from Arcadia Resources, Inc., a Nevada corporation (the "Company"), the
Warrant Stock (as hereinafter defined), in whole or in part, at a purchase price
of $2.25 per share, all on and subject to the terms and conditions hereinafter
set forth.

      1. Definitions. As used in this Warrant, the following terms have the
respective meanings set forth below:

      "Affiliate" means any person or entity that, directly or indirectly
through one or more intermediaries, controls or is controlled by or is under
common control with a person or entity, as such terms are used in and construed
under Rule 144 under the Securities Act. With respect to a Holder of Warrants,
any investment fund or managed account that is managed on a discretionary basis
by the same investment manager as such Holder will be deemed to be an Affiliate
of such Holder.

      "Appraised Value" means, in respect of any share of Common Stock on any
date herein specified, the fair saleable value of such share of Common Stock
(determined with giving effect to the discount for (i) a minority interest or
(ii) any lack of liquidity of the Common Stock or to the fact that the Company
may have no class of equity registered under the Exchange Act) as of the last
day of the most recent fiscal month ending prior to such date specified, based
on the value of the Company on a fully-diluted basis, as determined by a
nationally recognized investment banking firm selected by the Company's Board of
Directors and having no prior relationship with the Company.

                                  Page 1 of 17
<PAGE>

                                                                       EXHIBIT B

      "Business Day" means any day except Saturday, Sunday and any day which
shall be a legal holiday or a day on which banking institutions in the State of
Michigan generally are authorized or required by law or other government actions
to close.

      "Change of Control" means the (i) acquisition by an individual or legal
entity or group (as set forth in Section 13(d) of the Exchange Act) of more than
one-half of the voting rights or equity interests in the Company; or (ii) sale,
conveyance, or other disposition of all or substantially all of the assets,
property or business of the Company or the merger into or consolidation with any
other corporation (other than a wholly owned subsidiary corporation) or
effectuation of any transaction or series of related transactions where holders
of the Company's voting securities prior to such transaction or series of
transactions fail to continue to hold at least 50% of the voting power of the
Company (or, if other than the Company, the successor or acquiring entity)
immediately following such transaction.

      "Closing Date" means September ___, 2005.

      "Commission" means the Securities and Exchange Commission or any other
federal agency then administering the Securities Act and other federal
securities laws.

      "Common Stock" means (except where the context otherwise indicates) the
Common Stock, $0.001 par value per share, of the Company as constituted on the
Closing Date, and any capital stock into which such Common Stock may thereafter
be changed or converted, and shall also include (i) capital stock of the Company
of any other class (regardless of how denominated) issued to the holders of
shares of Common Stock upon any reclassification thereof which is also not
preferred as to dividends or assets on liquidation over any other class of stock
of the Company and which is not subject to redemption and (ii) shares of common
stock of any successor or acquiring corporation received by or distributed to
the holders of Common Stock of the Company in the circumstances contemplated by
Section 4.

      "Current Market Price" means, in respect of any share of Common Stock on
any date herein specified,

      (1)   if there shall not then be a public market for the Common Stock, the
            higher of

            (a)   the book value per share of Common Stock at such date, and

            (b)   the Appraised Value per share of Common Stock at such date,

      or

      (2)   if there shall then be a public market for the Common Stock, the
average of the daily market prices for the five (5) consecutive trading days
immediately before such date. The daily market price for each such trading day
shall be (i) the closing bid price on such day on the OTC Bulletin Board or
principal stock exchange (including Nasdaq) on which such Common Stock is then
listed or admitted to trading, or quoted, as applicable, (ii) if no sale takes
place on

                                  Page 2 of 17
<PAGE>

                                                                       EXHIBIT B

such day on the OTC Bulletin Board or any such exchange, the last reported
closing bid price on such day as officially quoted on the OTC Bulletin Board or
any such exchange (including Nasdaq), (iii) if the Common Stock is not then
listed or admitted to trading on the OTC Bulletin Board or any stock exchange,
the last reported closing bid price on such day in the over-the-counter market,
as furnished by the National Association of Securities Dealers Automatic
Quotation System or the National Quotation Bureau, Inc., (iv) if neither such
corporation at the time is engaged in the business of reporting such prices, as
furnished by any similar firm then engaged in such business, or (v) if there is
no such firm, as furnished by any member of the NASD selected mutually by the
holder of this Warrant and the Company or, if they cannot agree upon such
selection, as selected by two such members of the NASD, one of which shall be
selected by holder of this Warrant and one of which shall be selected by the
Company.

      "Current Warrant Price" means, in respect of a share of Common Stock at
any date herein specified, the price at which a share of Common Stock may be
purchased pursuant to this Warrant on such date. Unless and until the Current
Warrant Price is adjusted pursuant to the terms herein, the initial Current
Warrant Price shall be $2.25 per share of Common Stock.

      "Exchange Act" means the Securities Exchange Act of 1934, as amended, or
any similar federal statute, and the rules and regulations of the Commission
thereunder, all as the same shall be in effect from time to time.

      "Exercise Period" means the period during which this Warrant is
exercisable pursuant to Section 2.1.

      "Expiration Date" means September _____, 2009, subject to modification as
provided herein.

      "NASD" means the National Association of Securities Dealers, Inc., or any
successor corporation thereto.

      "Other Property" has the meaning set forth in Section 4.

      "Person" means any individual, sole proprietorship, partnership, joint
venture, trust, incorporated organization, association, corporation, limited
liability company, institution, public benefit corporation, entity or government
(whether federal, state, county, city, municipal or otherwise, including,
without limitation, any instrumentality, division, agency, body or department
thereof).

      "Purchase Agreement" means that certain Warrant Purchase and Registration
Rights Agreement dated as of the Closing Date among the Company and the other
parties named therein, pursuant to which this Warrant was originally issued.

      "Restricted Common Stock" means shares of Common Stock which are, or which
upon their issuance upon the exercise of any Warrant would be required to be,
evidenced by a certificate bearing the restrictive legend set forth in Section
3.2.

                                  Page 3 of 17
<PAGE>

                                                                       EXHIBIT B

      "Securities Act" means the Securities Act of 1933, as amended, or any
similar federal statute, and the rules and regulations of the Commission
thereunder, all as the same shall be in effect at the time.

      "Trading Day" means any day on which the primary market on which shares of
Common Stock are listed is open for trading.

      "Transfer" means any disposition of any Warrant or Warrant Stock or of any
interest in either thereof, which would constitute a sale thereof within the
meaning of the Securities Act.

      "Warrants" means this Warrant and all warrants issued upon transfer,
division or combination of, or in substitution for, any thereof. All Warrants
shall at all times be identical as to terms and conditions and date, except as
to the number of shares of Common Stock for which they may be exercised.

      "Warrant Price" means an amount equal to (i) the number of shares of
Common Stock being purchased upon exercise of this Warrant pursuant to Section
2.1, multiplied by (ii) the Current Warrant Price.

      "Warrant Stock" means up to _____________ shares of Common Stock to be
purchased upon the exercise hereof, subject to adjustment as provided herein.

      2. Exercise of Warrant.

            2.1 Manner of Exercise. From and after the Closing Date, and until
      5:00 P.M., New York time, on the Expiration Date (the "Exercise Period"),
      the Holder may exercise this Warrant, on any Business Day, for all or any
      part of the number of shares of Warrant Stock purchasable hereunder,
      subject to the terms and conditions of this Warrant.

            In order to exercise this Warrant, in whole or in part, the Holder
      shall deliver to the Company at its principal office or at the office or
      agency designated by the Company as provided herein, (i) a written notice
      of Holder's election to exercise this Warrant, which notice shall specify
      the number of shares of Warrant Stock to be purchased, (ii) payment of the
      Warrant Price as provided herein, and (iii) this Warrant. Such notice
      shall be irrevocable and substantially in the form of the subscription
      form appearing at the end of this Warrant as Exhibit A, duly executed by
      the Holder or its agent or attorney. Upon receipt thereof, the Company
      shall, as promptly as reasonably practicable, execute or cause to be
      executed and deliver or cause to be delivered to the Holder a certificate
      or certificates representing the aggregate number of full shares of
      Warrant Stock issuable upon such exercise, together with cash in lieu of
      any fraction of a share, as hereinafter provided. The stock certificate or
      certificates so delivered shall be, to the extent possible, in such
      denomination or denominations as the Holder shall reasonably request in
      the notice and shall be registered in the name of the Holder or if
      permitted pursuant to the terms of this Warrant such other name as shall
      be designated in the notice. This Warrant

                                  Page 4 of 17
<PAGE>

                                                                       EXHIBIT B

      shall be deemed to have been exercised and such certificate or
      certificates shall be deemed to have been issued, and the Holder or any
      other Person so designated to be named therein shall be deemed to have
      become a Holder of record of such shares for all purposes, as of the date
      when the notice, together with the payment of the Warrant Price and this
      Warrant, is received by the Company as described above. If this Warrant
      shall have been exercised in part, the Company shall, at the time of
      delivery of the certificate or certificates representing Warrant Stock,
      deliver to the Holder a new Warrant evidencing the rights of the Holder to
      purchase the unpurchased shares of Common Stock called for by this
      Warrant, which new Warrant shall in all other respects be identical with
      this Warrant, or at the request of the Holder, appropriate notation may be
      made on this Warrant and the same returned to the Holder.

            Payment of the Warrant Price may be made at the option of the Holder
      by: (i) certified or official bank check payable to the order of the
      Company, (ii) wire transfer of immediately available funds to the account
      of the Company or (iii) beginning one year after the Closing Date, the
      surrender and cancellation of a portion of shares of Common Stock then
      held by the Holder or issuable upon such exercise of this Warrant, which
      shall be valued and credited toward the total Warrant Price due the
      Company for the exercise of the Warrant based upon the Current Market
      Price of the Common Stock. All shares of Common Stock issuable upon the
      exercise of this Warrant pursuant to the terms hereof shall be validly
      issued and, upon payment of the Warrant Price, shall be fully paid and
      nonassessable and not subject to any preemptive rights.

            2.2 Fractional Shares. The Company shall not be required to issue a
      fractional share of Common Stock upon exercise of any Warrant. As to any
      fraction of a share which the Holder of one or more Warrants, the rights
      under which are exercised in the same transaction, would otherwise be
      entitled to purchase upon such exercise, the Company shall pay an amount
      in cash equal to the Current Market Price per share of Common Stock on the
      date of exercise multiplied by such fraction.

            2.3 Restrictions on Exercise Amount. Unless a Holder delivers to the
      Company irrevocable written notice prior to the date of issuance hereof or
      sixty-one days prior to the effective date of such notice that this
      Section shall not apply to such Holder, the Holder may not acquire a
      number of shares of Warrant Stock to the extent that, upon such exercise,
      the number of shares of Common Stock then beneficially owned by such
      holder and its Affiliates and any other persons or entities whose
      beneficial ownership of Common Stock would be aggregated with the Holder's
      for purposes of Section 13(d) of the Exchange Act (including shares held
      by any "group" of which the holder is a member, but excluding shares
      beneficially owned by virtue of the ownership of securities or rights to
      acquire securities that have limitations on the right to convert, exercise
      or purchase similar to the limitation set forth herein) exceeds 4.9% of
      the total number of shares of Common Stock of the Company then issued and
      outstanding. For purposes hereof, "group" has the meaning set forth in
      Section 13(d) of the Exchange Act and applicable regulations of the
      Commission, and the percentage held by the holder shall be determined in a
      manner consistent with the provisions of Section 13(d) of the Exchange
      Act. Each delivery of a notice of exercise by a Holder will constitute a
      representation by such

                                  Page 5 of 17
<PAGE>

                                                                       EXHIBIT B

      Holder that it has evaluated the limitation set forth in this paragraph
      and determined, based on the most recent public filings by the Company
      with the Commission, that the issuance of the full number of shares of
      Warrant Stock requested in such notice of exercise is permitted under this
      paragraph.

            In the event that the provisions of this Section 2.3 shall apply as
      of September ______, 2009, the Expiration Date shall be extended for an
      additional 18 months or until the date that the provisions of this Section
      2.3 shall not apply, whichever occurs first.

      3.    Transfer, Division and Combination.

            3.1 Transfer. The Warrants and the Warrant Stock shall be freely
      transferable, subject to compliance with this Section 3.1 and all
      applicable laws, including, but not limited to the Securities Act. If, at
      the time of the surrender of this Warrant in connection with any transfer
      of this Warrant or the resale of the Warrant Stock, this Warrant or the
      Warrant Stock, as applicable, shall not be registered for resale under the
      Securities Act, the Company may require, as a condition of allowing such
      transfer (i) that the Holder or transferee of this Warrant or the Warrant
      Stock as the case may be, at the cost of Holder or transferee, furnish to
      the Company a written opinion of counsel that is reasonably acceptable to
      the Company to the effect that such transfer may be made without
      registration under the Securities Act and any applicable state law, (ii)
      that the Holder or transferee execute and deliver to the Company an
      investment representation letter in form and substance acceptable to the
      Company and substantially in the form attached as Exhibit C hereto and
      (iii) that the transferee be an "accredited investor" as defined in Rule
      501 (a) promulgated under the Securities Act. Transfer of this Warrant and
      all rights hereunder, in whole or in part, in accordance with the
      foregoing provisions, shall be registered on the books of the Company to
      be maintained for such purpose, upon surrender of this Warrant at the
      principal office of the Company referred to in Section 2.1 or the office
      or agency designated by the Company as provided herein, together with a
      written assignment of this Warrant substantially in the form of Exhibit B
      hereto duly executed by the Holder or its agent or attorney and funds
      sufficient to pay any transfer taxes payable upon the making of such
      transfer. Upon such surrender and, if required, such payment, the Company
      shall execute and deliver a new Warrant or Warrants in the name of the
      assignee or assignees and in the denomination specified in such instrument
      of assignment, and shall issue to the assignor a new Warrant evidencing
      the portion of this Warrant not so assigned, and this Warrant shall
      promptly be cancelled. Following a transfer that complies with the
      requirements of this Section 3.1, the Warrant may be exercised by a new
      Holder for the purchase of shares of Common Stock regardless of whether
      the Company issued or registered a new Warrant on the books of the
      Company. In connection with any transfer of this Warrant or the resale of
      the Warrant Stock pursuant to Rule 144 or other than pursuant to an
      effective registration statement, the Holder or transferee shall
      compensate the Company for its reasonable expenses incurred in connection
      with effectuating such transfer or resale.

            3.2 Restrictive Legends. Each certificate for Warrant Stock
      initially issued upon the exercise of this Warrant, and each certificate
      for Warrant Stock issued to any

                                  Page 6 of 17
<PAGE>

                                                                       EXHIBIT B

      subsequent transferee of any such certificate, unless, in each case, such
      Warrant Stock is eligible for resale without registration pursuant to Rule
      144(k) or an effective registration statement under the Securities Act,
      shall bear the following legend:

      "THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
      THE SECURITIES ACT OF 1933 AS AMENDED, AND MAY NOT BE OFFERED OR SOLD IN
      THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER SAID ACT OR AN
      OPINION OF THE COMPANY'S COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED."

      In addition, each certificate for Warrant Stock initially issued upon the
      exercise of this Warrant, and each certificate for Warrant Stock issued to
      any subsequent transferee of any such certificate, shall bear any legends
      which the Company reasonably believes is required or permitted to affix
      per the terms of applicable voting or other contractual agreements.

      The Company shall facilitate the timely preparation and delivery of
      certificates representing the Warrant Stock to be sold pursuant to an
      effective Registration Statement, which certificates shall be free, to the
      extent permitted by applicable law and this Warrant, of all restrictive
      legends, and to enable such Warrant Stock to be in such denominations and
      registered in such names as the Holder may request at least five (5)
      business days prior to any sale of the Warrant Stock. In connection
      therewith, the Company shall promptly after the effectiveness of the
      Registration Statement cause an opinion of counsel to be delivered to and
      maintained with its transfer agent, together with any other
      authorizations, certificates and directions required by the transfer
      agent, which authorize and direct the transfer agent to issue such Warrant
      Stock without legend upon sale by the holder of such Warrant Stock under
      the Registration Statement, for such time as the Registration Statement is
      effective.

            3.3 Division and Combination; Expenses; Books. This Warrant may be
      divided or combined with other Warrants upon presentation hereof at the
      aforesaid office or agency of the Company, together with a written notice
      specifying the names and denominations in which new Warrants are to be
      issued, signed by the Holder or its agent or attorney. Subject to
      compliance with Section 3.1 as to any transfer which may be involved in
      such division or combination, the Company shall execute and deliver a new
      Warrant or Warrants in exchange for the Warrant or Warrants to be divided
      or combined in accordance with such notice. The Company shall prepare,
      issue and deliver at Holder's expense the new Warrant or Warrants under
      this Section 3. The Company agrees to maintain, at its aforesaid office or
      agency, books for the registration and the registration of transfer of the
      Warrants.

      4. Adjustments. The number of shares of Common Stock for which this
Warrant is exercisable, and the price at which such shares may be purchased upon
exercise of this Warrant, shall be subject to adjustment from time to time as
set forth in this Section 4.

                                  Page 7 of 17
<PAGE>

                                                                       EXHIBIT B

            4.1 Stock Dividends, Subdivisions and Combinations. If at any time
      while this Warrant is outstanding the Company shall:

                  (i) declare a dividend or make a distribution on its
            outstanding shares of Common Stock in shares of Common Stock;

                  (ii) subdivide its outstanding shares of Common Stock into a
            larger number of shares of Common Stock; or

                  (iii) combine its outstanding shares of Common Stock into a
            smaller number of shares of Common Stock, then:

      (1) the number of shares of Common Stock acquirable upon exercise of this
Warrant immediately after the occurrence of any such event shall be adjusted to
equal the number of shares of Common Stock which a record holder of the same
number of shares of Common Stock that would have been acquirable under this
Warrant immediately prior to the record date for such dividend or distribution
or the effective date of such subdivision or combination would own or be
entitled to receive after such record date or the effective date of such
subdivision or combination, as applicable, and

      (2) the Current Warrant Price shall be adjusted to equal:

            (A) the Current Warrant Price in effect at the time of the record
      date for such dividend or distribution or of the effective date of such
      subdivision or combination, multiplied by the number of shares of Common
      Stock into which this Warrant is exercisable immediately prior to the
      adjustment, divided by

            (B) the number of shares of Common Stock into which this Warrant is
      exercisable immediately after such adjustment.

      Any adjustment made pursuant to clause (i) of this paragraph shall become
effective immediately after the record date for the determination of
stockholders entitled to receive such dividend or distribution, and any
adjustment pursuant to clauses (ii) or (iii) of this paragraph shall become
effective immediately after the effective date of such subdivision or
combination.

            4.2 Certain Other Distributions. If at any time while this Warrant
      is outstanding the Company shall cause all of the holders of its Common
      Stock to be entitled to receive any dividend or other distribution of:

                  (i) cash,

                  (ii) any evidences of its indebtedness, any shares of stock of
            any class or any other securities or property or assets of any
            nature whatsoever (other than cash or additional shares of Common
            Stock as provided in Section 4.1 hereof), or

                                  Page 8 of 17
<PAGE>

                                                                       EXHIBIT B

                  (iii) any warrants or other rights to subscribe for or
            purchase any evidences of its indebtedness, any shares of stock of
            any class or any other securities or property or assets of any
            nature whatsoever (in each case set forth in subparagraphs 4.2(i),
            4.2(ii) and 4.2(iii) hereof, the "Distributed Property"),

then upon any exercise of this Warrant that occurs after the record date for
such dividend or other distribution, the holder of this Warrant shall be
entitled to receive, in addition to the shares of Warrant Stock, the Distributed
Property that such holder would have been entitled to receive in respect of such
number of Warrant Shares had the holder been the record holder of such Warrant
Shares as of such record date. Such distribution shall be made whenever any such
exercise is made. A reclassification of the Common Stock (other than a change in
par value, or from par value to no par value or from no par value to par value)
into shares of Common Stock and shares of any other class of stock shall be
deemed a distribution by the Corporation to the holders of its Common Stock of
such shares of such other class of stock within the meaning of this Section 4.2
and, if the outstanding shares of Common Stock shall be changed into a larger or
smaller number of shares of Common Stock as a part of such reclassification,
such change shall be deemed a subdivision or combination, as the case may be, of
the outstanding shares of Common Stock within the meaning of Section 4.1.

                  4.3 Other Provisions Applicable to Adjustments. The following
            provisions shall be applicable to the making of adjustments of the
            number of shares of Common Stock into which this Warrant is
            exercisable and the Current Warrant Price provided for in Section 4:

                        (a) When Adjustments to Be Made. The adjustments
                  required by Section 4 shall be made whenever and as often as
                  any specified event requiring an adjustment shall occur,
                  except that any that would otherwise be required may be
                  postponed (except in the case of a subdivision or combination
                  of shares of the Common Stock, as provided for in Section 4.1)
                  up to, but not beyond the date of exercise if such adjustment
                  either by itself or with other adjustments not previously made
                  adds or subtracts less than 1% of the shares of Common Stock
                  into which this Warrant is exercisable immediately prior to
                  the making of such adjustment. Any adjustment representing a
                  change of less than such minimum amount (except as aforesaid)
                  which is postponed shall be carried forward and made as soon
                  as such adjustment, together with other adjustments required
                  by this Section 4 and not previously made, would result in a
                  minimum adjustment or on the date of exercise. For the purpose
                  of any adjustment, any specified event shall be deemed to have
                  occurred at the close of business on the date of its
                  occurrence.

                        (b) Fractional Interests. In computing adjustments under
                  this Section 4, fractional interests in Common Stock shall be
                  taken into account to the nearest 1/100th of a share.

                        (c) When Adjustment Not Required. If the Company
                  undertakes a transaction contemplated under this Section 4 and
                  as a result takes a record of the holders of its Common Stock
                  for the purpose of entitling them to receive a

                                  Page 9 of 17
<PAGE>

                                                                       EXHIBIT B

                  dividend or distribution or subscription or purchase rights or
                  other benefits contemplated under this Section 4 and shall,
                  thereafter and before the distribution to stockholders
                  thereof, legally abandon its plan to pay or deliver such
                  dividend, distribution, subscription or purchase rights or
                  other benefits contemplated under this Section 4, then
                  thereafter no adjustment shall be required by reason of the
                  taking of such record and any such adjustment previously made
                  in respect thereof shall be rescinded and annulled.

                        (d) Escrow of Stock. If after any property becomes
                  distributable pursuant to Section 4 by reason of the taking of
                  any record of the holders of Common Stock, but prior to the
                  occurrence of the event for which such record is taken, a
                  holder of this Warrant exercises the Warrant during such time,
                  then such holder shall continue to be entitled to receive any
                  shares of Common Stock issuable upon exercise hereunder by
                  reason of such adjustment and such shares or other property
                  shall be held in escrow for the holder of this Warrant by the
                  Company to be issued to holder of this Warrant upon and to the
                  extent that the event actually takes place. Notwithstanding
                  any other provision to the contrary herein, if the event for
                  which such record was taken fails to occur or is rescinded,
                  then such escrowed shares shall be canceled by the Company and
                  escrowed property returned to the Company.

                  4.4 Reorganization, Reclassification, Merger, Consolidation or
            Disposition of Assets.

                        (a) If there shall occur a Change of Control and,
                  pursuant to the terms of such Change of Control, shares of
                  common stock of the successor or acquiring corporation, or any
                  cash, shares of stock or other securities or property of any
                  nature whatsoever (including warrants or other subscription or
                  purchase rights) in addition to or in lieu of common stock of
                  the successor or acquiring corporation ("Other Property"), are
                  to be received by or distributed to the holders of Common
                  Stock of the Company, then the Holder of this Warrant shall
                  have the right thereafter for the Balance of the Exercise
                  Period to receive, upon the exercise of the Warrant, the
                  number of shares of common stock of the successor or acquiring
                  corporation or of the Company, if it is the surviving
                  corporation, and the Other Property receivable upon or as a
                  result of such Change of Control by a holder of the number of
                  shares of Common Stock into which this Warrant is exercisable
                  immediately prior to such event.

                        (b) In case of any such Change of Control described
                  above, the resulting, successor or acquiring entity (if not
                  the Company) and, if an entity different from the successor or
                  acquiring entity, the entity whose capital stock or assets the
                  holders of the Common Stock are entitled to receive as a
                  result of such Change of Control, shall assume by written
                  instrument all of the obligations of this Warrant and the
                  Transaction Documents (as defined in the Purchase Agreement),
                  subject to such modifications as may be deemed appropriate (as
                  determined by resolution of the Board of Directors of the
                  Company) in order to

                                 Page 10 of 17
<PAGE>

                                                                       EXHIBIT B

                  provide for adjustments of shares of the Common Stock into
                  which this Warrant is exercisable which shall be as nearly
                  equivalent as practicable to the adjustments provided for in
                  Section 4. For purposes of Section 4, common stock of the
                  successor or acquiring corporation shall include stock of such
                  corporation of any class which is not preferred as to
                  dividends or assets on liquidation over any other class of
                  stock of such corporation and which is not subject to
                  redemption and shall also include any evidences of
                  indebtedness, shares of stock or other securities which are
                  convertible into or exchangeable for any such stock, either
                  immediately or upon the arrival of a specified date or the
                  happening of a specified event and any warrants or other
                  rights to subscribe for or purchase any such stock. The
                  foregoing provisions of this Section 4 shall similarly apply
                  to successive Change of Control transactions.

                  4.5 Stock Transfer Taxes. The issue of stock certificates upon
            exercise of this Warrant shall be made without charge to the holder
            for any tax in respect of such issue. The Company shall not,
            however, be required to pay any tax which may be payable in respect
            of any transfer involved in the issue and delivery of shares in any
            name other than that of the holder of this Warrant, and the Company
            shall not be required to issue or deliver any such stock certificate
            unless and until the person or persons requesting the issue thereof
            shall have paid to the Company the amount of such tax or shall have
            established to the satisfaction of the Company that such tax has
            been paid.

      5. No Rights as Stockholder. This Warrant does not entitle the Holder to
any voting or other rights as a stockholder of the Company prior to exercise and
payment for the Warrant Price in accordance with the terms hereof.

      6. Reservation and Authorization of Common Stock. From and after the
Closing Date, the Company shall at all times reserve and keep available for
issue upon the exercise of Warrants such number of its authorized but unissued
shares of Common Stock as will be sufficient to permit the exercise in full of
all outstanding Warrants

      7. Taking of Record; Stock and Warrant Transfer Books. In the case of all
dividends or other distributions by the Company to the holders of its Common
Stock with respect to which any provision of Section 4 refers to the taking of a
record of such holders, the Company will in each such case take such a record
and will take such record as of the close of business on a Business Day. The
Company will not at any time, except upon dissolution, liquidation or winding up
of the Company, close its stock transfer books or Warrant transfer books so as
to result in preventing or delaying the exercise or transfer of any Warrant.

      8. Registration Rights. The resale of the Warrant Stock shall be
registered in accordance with and subject to the terms and conditions contained
in the Purchase Agreement. The Holder acknowledges that pursuant to the Purchase
Agreement, the Company has the right to request that the Holder furnish
information regarding such Holder and the distribution of the Warrant Stock as
is required by law or the Commission to be disclosed in the Registration
Statement (as such term is defined in the Purchase Agreement), and the Company
may exclude from such registration the shares of Warrant Stock acquirable
hereunder if Holder fails to furnish

                                 Page 11 of 17
<PAGE>

                                                                       EXHIBIT B

such information within a reasonable time prior to the filing of each
Registration Statement, supplemented prospectus included therein and/or amended
Registration Statement.

      9. Loss or Mutilation. Upon receipt by the Company from the Holder of
evidence reasonably satisfactory to it of the ownership of and the loss, theft,
destruction or mutilation of this Warrant and indemnity or security reasonably
satisfactory to it and reimbursement to the Company of all reasonable expenses
incidental thereto and in case of mutilation upon surrender and cancellation
hereof, the Company, at Holder's cost, will execute and deliver in lieu hereof a
new Warrant of like tenor to the Holder; provided, however, that in the case of
mutilation, no indemnity shall be required if this Warrant in identifiable form
is surrendered to the Company for cancellation.

      10. Office of the Company. As long as any of the Warrants remain
outstanding, the Company shall maintain an office or agency (which may be the
principal executive offices of the Company) where the Warrants may be presented
for exercise, registration of transfer, division or combination as provided in
this Warrant.

      11. Acceleration of Expiration Date at Company's Election. The Company
may, at the option of the Board of Directors of the Company, accelerate the
Expiration Date of this Warrant in connection with the consummation of a Change
of Control transaction by giving the Holder or transferee at least 21 days
written notice prior to the anticipated date of consummation of the applicable
Change of Control transaction (the "Accelerated Expiration Date"). As of the
Accelerated Expiration Date, all rights and obligations of the Company under
this Warrant shall become null and void to the extent that the Holder or
transferee shall not have exercised this Warrant as of or prior to the
Accelerated Expiration Date.

      12. Miscellaneous.

            12.1 Nonwaiver. No course of dealing or any delay or failure to
      exercise any right or obligation hereunder on the part of the Holder or
      the Company shall operate as a waiver of such right or obligation, unless
      the same shall be in writing signed by the Holder or the Company.

            12.2 Notice Generally. All notices, requests, demands or other
      communications provided for herein shall be in writing and shall be given
      in the manner and to the addresses set forth in the Purchase Agreement.

            12.3 Successors and Assigns. Subject to compliance with the
      provisions of Section 3.1, this Warrant and the rights evidenced hereby
      shall inure to the benefit of and be binding upon the successors of the
      Company and the successors and assigns of the Holder. The provisions of
      this Warrant are intended to be for the benefit of all Holders from time
      to time of this Warrant, and shall be enforceable by any such Holder.

            12.4 Amendment. This Warrant may be modified or amended or the
      provisions of this Warrant waived with the written consent of both the
      Company and the Holder.

                                 Page 12 of 17
<PAGE>

                                                                       EXHIBIT B

            12.5 Severability. Wherever possible, each provision of this Warrant
      shall be interpreted in such manner as to be effective and valid under
      applicable law, but if any provision of this Warrant shall be prohibited
      by or invalid under applicable law, such provision shall be modified to
      the extent of such prohibition or invalidity, without invalidating the
      remainder of such provision or the remaining provisions of this Warrant.

            12.6 Headings. The headings used in this Warrant are for the
      convenience of reference only and shall not, for any purpose, be deemed a
      part of this Warrant.

            12.7 Governing Law. This Warrant and the transactions contemplated
      hereby shall be deemed to be consummated in the State of Delaware and
      shall be governed by and interpreted in accordance with the local laws of
      the State of Delaware without regard to the provisions thereof relating to
      conflicts of laws. Any dispute, controversy or claim arising out of or
      relating to this Agreement, whether arising in contract, tort or otherwise
      shall be resolved in accordance with the rules of the American Arbitration
      Association, except for any equitable or injunctive relief sought under
      this Agreement. The arbitration shall be held at a location within Oakland
      County, Michigan. The Parties agree that any arbitration award rendered on
      any claim submitted to arbitration shall be final and binding upon the
      Parties and not subject to appeal and that judgment may be entered upon
      any arbitration award by any circuit court located in Michigan.

            12.8 Entire Agreement. This Warrant, together with the Purchase
      Agreement which this Warrant is subject to and pursuant to which it is
      given,, constitute the entire agreement between the Company and Holder
      with respect to the subject matter hereof and supersedes any and all other
      prior or contemporaneous agreements, either oral or written, between the
      Company and Holder with respect to the subject matter hereof. Headings
      herein are for convenience only and shall not be deemed to limit or affect
      any of the provisions hereof.

      IN WITNESS WHEREOF, Arcadia Resources, Inc. has caused this Warrant to be
executed by its duly authorized officer and attested by its Secretary or other
designated officer.

Dated:  September _____, 2005
                                                         ARCADIA RESOURCES, INC.

                                                         By: ___________________
                                                         Name:
                                                         Title:

Attest:

By: _________________________
Name:
Title:

                                  Page 13 of 17
<PAGE>

                                                                       EXHIBIT B

EXHIBIT A

                                SUBSCRIPTION FORM

                 [To be executed only upon exercise of Warrant]

      1. The undersigned hereby elects to purchase __________shares of the
Common Stock of Arcadia Resources, Inc. pursuant to the terms of the attached
Warrant, and tenders herewith payment of the purchase price of such shares in
full.

      2. The undersigned hereby elects to convert the attached Warrant into
Common Stock of Arcadia Resources, Inc. through "cashless exercise" in the
manner specified in the Warrant. This conversion is exercised with respect to
_________________ of the Shares covered by the Warrant.

      3. Please issue a certificate or certificates representing said shares in
the name of the undersigned or in such other name as is specified below:

                                            ____________________________________
                                                          (Name)
                                            ____________________________________
                                            ____________________________________
                                            ____________________________________
                                                         (Address)

      [and, if such shares of Common Stock shall not include all of the shares
of Common Stock issuable as provided in this Warrant, that a new Warrant of like
tenor and date for the balance of the shares of Common Stock issuable hereunder
be delivered to the undersigned.]

____________________________________
(Name of Registered Owner)

____________________________________
(Signature of Registered Owner)

____________________________________
(Street Address)

____________________________________
(State) (Zip Code)

NOTICE: The signature on this subscription must correspond with the name as
written upon the face of the Warrant in every particular, without alteration or
enlargement or any change whatsoever.

                                  Page 14 of 17
<PAGE>

                                                                       EXHIBIT B

                                    EXHIBIT B

                                 ASSIGNMENT FORM

FOR VALUE RECEIVED the undersigned registered owner of this Warrant for the
purchase of shares of common stock of Arcadia Resources, Inc. hereby sells,
assigns and transfers unto the Assignee named below all of the rights of the
undersigned under this Warrant, with respect to the number of shares of common
stock set forth below:

____________________________________

____________________________________

____________________________________
(Name and Address of Assignee)

____________________________________
(Number of Shares of Common Stock)

and does hereby irrevocably constitute and appoint _____________________
attorney-in-fact to register such transfer on the books of the Company,
maintained for the purpose, with full power of substitution in the premises.

Dated: ____________________________________

____________________________________
(Print Name and Title)

____________________________________
(Signature)

____________________________________
(Witness)

NOTICE: The signature on this assignment must correspond with the name as
written upon the face of the Warrant in every particular, without alteration or
enlargement or any change whatsoever.

                                  Page 15 of 17
<PAGE>

                                                                       EXHIBIT B

                                    EXHIBIT C
                    FORM OF INVESTMENT REPRESENTATION LETTER

In connection with the acquisition of [warrants (the "Warrants") to purchase
_________ shares of common stock of Arcadia Resources, Inc. (the "Company"), par
value $0.001 per share (the "Common Stock")] [ ___________ shares of common
stock of Arcadia Resources, Inc. (the "Company"), par value $0.001 per share
(the "Common Stock") upon the exercise of warrants by_____________],
by__________(the "Holder") from__________________, the Holder hereby represents
and warrants to the Company as follows:

The Holder (i) is an "Accredited Investor" as that term is defined in Rule 501
of Regulation D promulgated under the Securities Act of 1933, as amended (the
"Act"); and (ii) has the ability to bear the economic risks of such Holder's
prospective investment, including a complete loss of Holder's investment in the
Warrants and the shares of Common Stock issuable upon the exercise thereof
(collectively, the "Securities").

The Holder, by acceptance of the Warrants, represents and warrants to the
Company that the Warrants and all securities acquired upon any and all exercises
of the Warrants are purchased for the Holder's own account, and not with view to
distribution of either the Warrants or any securities purchasable upon exercise
thereof in violation of applicable securities laws.

[The Holder acknowledges that (i) the Securities have not been registered under
the Act, (ii) the Securities are "restricted securities" and the certificate(s)
representing the Securities shall bear the following legend, or a similar legend
to the same effect, until (i) in the case of the shares of Common Stock
underlying the Warrants, such shares shall have been registered for resale by
the Holder under the Act and effectively been disposed of in accordance with a
registration statement that has been declared effective; or (ii) in the opinion
of counsel for the Company such Securities may be sold without registration
under the Act:

"[NEITHER] THE SECURITIES REPRESENTED BY THIS CERTIFICATE [NOR THE SECURITIES
INTO WHICH THEY ARE EXERCISABLE] HAVE [NOT] BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE "ACT"), AND ALL SUCH SECURITIES ARE SUBJECT TO
RESTRICTIONS ON TRANSFERABILITY AS SET FORTH IN THIS CERTIFICATE. [NEITHER] THE
SECURITIES REPRESENTED HEREBY [NOR THE SECURITIES INTO WHICH THEY ARE
EXERCISABLE] MAY [NOT] BE SOLD, TRANSFERRED, OR OTHERWISE DISPOSED OF IN THE
ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR AN OF THE
COMPANY'S COUNSEL TO THE EFFECT THAT THE PROPOSED SALE, TRANSFER, OR DISPOSITION
MAY BE EFFECTUATED WITHOUT REGISTRATION UNDER THE ACT."](1)

----------------
(1) Bracketed language to be inserted if applicable.

                                 Page 16 of 17
<PAGE>

                                                                       EXHIBIT B

IN WITNESS WHEREOF, the Holder has caused this Investment Representation Letter
to be executed this ___ day of _______________, 200__.

[Name]

By: _______________________________
Name:
Title:

                                 Page 17 of 17

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