news: (another pp- maybe market conditions are better now?)
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 8, 2010) - ALDA Pharmaceuticals Corp. (TSX VENTURE:APH - News; OTCQB:APCSF) (the "Company" or "ALDA") announces that it is undertaking a non-brokered private placement of up 2,000,000 units of the Company (the "Units") at a price of $0.10 per Unit for proceeds to the Company of up to $200,000. Each Unit will consist of one common share of ALDA and one non-transferable share purchase warrant entitling the holder to acquire one additional common share of ALDA at a price of $0.20 per common share for a period of 24 months from the date of the issuance of the purchase warrant with a forced exercise provision attached to each warrant commencing on the day following the expiry of any applicable hold period on the underlying Common Share, stating that if, for ten consecutive trading days, the closing price of the listed shares of the Company exceeds $0.40 then the exercise period of the warrants will be reduced to a period of 10 days following such trading days.
Certain insiders of the Company have been selling common shares of ALDA through the facilities of the TSX Venture Exchange in connection with this private placement and will reinvest up to $175,000 of the proceeds in the private placement. Accordingly, insiders of ALDA will be subscribing for over 25% of the offering, constituting a related party transaction pursuant to Multilateral Instrument 61-101 and TSX Venture Exchange Policy 5.9 which is exempt from the requirement to obtain an independent valuation pursuant to Section 5.5(b) of MI 61-101 and the requirement to obtain minority shareholder approval pursuant to Section 5.7(1)(b) of MI 61-101.
The offering is being made on a private placement basis pursuant to registration and prospectus exemptions of applicable securities laws and is subject to acceptance by the TSX Venture Exchange. All securities issued will be subject to a four month restricted period and will bear a restrictive legend accordingly. Net proceeds from the offering will be used for working capital purposes.
