ALDA Pharmaceuticals raises funds through private placement

Sep 22 2009

ALDA Pharmaceuticals Corp. (TSX VENTURE:APH)(OTCBB:APCSF) (the "Company") is pleased to announce that it has closed the private placement originally announced in a news release dated July 17, 2009. A total of 6,000,000 Units of the Company were issued at a price of $0.25 per Unit for gross proceeds of $1,500,000. 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 $0.40 per common share for a period of twelve (12) 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 $0.80 then the exercise period of the warrants will be reduced to a period of 10 days following such trading days. Net proceeds from the offering will be used for working capital.

All securities issued with respect to the private placement will be subject to a hold period expiring on January 17, 2010 in accordance with the policies of the TSX Venture Exchange and applicable Canadian securities laws.

The Company has agreed to pay finders' fees of 5% of the gross proceeds of $686,750.00 to certain eligible finders to be satisfied by the payment of $34,337.50.

Source: ALDA Pharmaceuticals Corp.