By Sheri Kasprzak
New York, July 28 - Adsero Corp. said it has arranged a private placement for $1,280,250.
The company plans to sell 1,707,000 subscription receipts at $0.75 each.
The subscription receipts are exchangeable automatically for units of one share and one warrant once the company has obtained a prospectus and a registration statement, and once the company's shares have been accepted for listing on the Toronto Stock Exchange.
If the company does not satisfy those requirements by Dec. 31, 2005 or the 10 business days after the receipt of a final prospectus or the date the registration statement is effective, the company will issue 1.5 units for each receipt.
The warrants are exercisable at $1.25 each for 30 months.
Loewen, Ondaatje, McCutcheon Ltd. is the placement agent.
Based in Saint-Julie, Quebec, Adsero acquires companies that recycle electronic devices with short life spans.
| Issuer: | Adsero Corp.
|
| Issue: | Subscription receipts exchangeable for units of one share and one warrant
|
| Amount: | $1,280,250
|
| Receipts: | 1,707,000 |
|
| Price: | $0.75
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| Warrants: | One warrant per unit upon exchange
|
| Warrant expiration: | 30 months
|
| Warrant strike price: | $1.25
|
| Placement agent: | Loewen, Ondaatje, McCutcheon Ltd.
|
| Pricing date: | July 21
|
| Stock price: | $1.42 at close July 21
|
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