/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE
NEW YORK, April 18 /CNW/ - 683 Capital Management LLC ("683 Capital")
filed an early warning report on April 18, 2011 disclosing that on
April 14, 2011 that it was confirmed that its beneficial ownership of
common shares ("Common Shares") of Adherex Technologies Inc.
("Adherex") represents approximately 16.5% of the outstanding Common
Shares (calculated on a partially diluted basis).
The securities were acquired pursuant to the March 31, 2011 rights
offering whereby 683 Capital acquired 35,962,229 units ("Units") of
Adherex, at a price of C$0.03 per Unit, each Unit being comprised of
one Common Share and one Common Share purchase warrant of Adherex (a
"Warrant"). In accordance therewith, 683 Capital was issued 35,962,229
Common Shares and 35,962,229 Warrants. Each whole Warrant entitles 683
Capital to acquire one Common Share at a price of C$0.08 per Common
Share until March 31, 2016. The Warrants are not exercisable until
September 30, 2011.
The securities comprising the Units were issued to 683 Capital pursuant
to the Adherex rights offering that was previously announced in
Adherex's January 27, 2011 press release.
683 Capital now exercises control or direction over an aggregate of
38,924,229 Common Shares and 35,962,229 Warrants, representing
approximately 16.5% of the outstanding Common Shares (calculated on a
partially diluted basis). 683 Capital's ownership percentage was
confirmed on April 14, 2011 after the final issuance numbers were made
available to 683 Capital.
683 Capital has acquired the Common Shares and Warrants for investment
purposes. Depending on market and other conditions, 683 Capital may
change its beneficial ownership of, or control or direction over,
Common Shares through market transactions, private agreements, treasury
issuances, exercise of the Warrants or otherwise.
This press release has been issued in order to comply with applicable
SOURCE 683 Capital Management LLC
For further information:
683 Capital Management LLC
595 Madison Avenue
New York, NY 10022