Adaltis plans C$15 million placement of convertible debentures

By Sheri Kasprzak

New York, March 13 - Adaltis Inc. said it intends to raise C$15 million in a private placement of unsecured convertible debentures.

The investors in the offering will be led by the company's main strategic shareholder Picchio Pharma Inc. Picchio agreed to buy at least 30% of the offering.

The full terms of the placement, according to a statement from the company, have not yet been finalized.

National Bank Financial Inc. and Loewen, Ondaatje, McCutcheon Ltd. are the agents for the deal, which is scheduled to close March 23.

Proceeds will be used for working capital and general corporate purposes.

Based in Montreal, Adaltis develops in vitro diagnostic products.

The stock closed unchanged Monday at C$2.60 (Toronto: ADS).

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