VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 13, 2011) - ALDA Pharmaceuticals Corp. (TSX VENTURE:APH - News; OTCQB:APCSF) (the "Company") is pleased to announce that it has closed the private placement announced December 8th, 2010. The Company has issued a total of 2,000,000 Units at a price of $0.10 per Unit for gross proceeds of $200,000. Each Unit consists 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 until January 12, 2013 subject to a forced exercise provision attached to each warrant commencing on the day following the expiry of any applicable hold period on the underlying Common Shares, 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.
Insiders of ALDA subscribed for 1,670,000 Units on the same terms as arm's length investors, constituting a related party transaction pursuant to Multilateral Instrument 61-101 and TSX Venture Exchange Policy 5.9. Such Insider participation was 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.
All securities issued with respect to the private placement are subject to a hold period expiring on May 13, 2011 in accordance with the policies of the TSX Venture Exchange and applicable Canadian securities laws.
