683 Capital Partners, LP

November 25, 2013 10:45 ET

683 Capital Partners, LP Acquires Securities of Adherex Technologies Inc.

OTTAWA, ONTARIO--(Marketwired - Nov. 25, 2013) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES

683 Capital Partners, LP ("683 Capital") announces that it purchased an aggregate of 312,500 units (the "Units") on a private placement basis (the "Offering") from Adherex Technologies Inc. ("Adherex" or the "Company") pursuant to the terms of a subscription agreement (the "Subscription Agreement"). Each Unit was purchased at a price of $0.40 per Unit and consists of one common share of the Company (a "Common Share") and one Common Share purchase warrant (a "Warrant"). Each Warrant entitles the holder thereof to acquire one Common Share at a price of $0.50 per share for a period of five years from the date of issuance. In connection with the Offering, 683 Capital purchased an aggregate of 312,500 Units, which are comprised of 312,500 Common Shares and 312,500 Warrants. Upon exercise of the Warrants in full, 683 Capital would acquire 312,500 Common Shares.

Prior to the Offering, 683 Capital held 1,823,900 Common Shares and 1,997,902 Common Share purchase warrants (the "2011 Warrants"), which, to the knowledge of 683 Capital, represented 7.2% of the issued and outstanding Common Shares without taking into account the Offering. The Common Shares and Warrants acquired by 683 Capital in connection with the Offering represent, to the knowledge of 683 Capital, approximately 1.1% of the current issued and outstanding Common Shares (assuming full exercise by 683 Capital of the Warrants). As of the date hereof, 683 Capital holds, to its knowledge, 4,446,802 Common Shares (assuming full exercise by 683 Capital of the Warrants and the 2011 Warrants), which, to the knowledge of 683 Capital, would represent 14.1% of the issued and outstanding Common Shares (assuming full exercise by 683 Capital of the Warrants and the 2011 Warrants).

The foregoing acquisitions were made for investment purposes. 683 Capital may, directly or indirectly, depending on market and other conditions, acquire beneficial ownership of, control or direction over, additional Common Shares, through market transactions, private agreements or otherwise. 683 Capital may, depending on market and other conditions, sell any or all of the Common Shares held by 683 Capital.

A copy of the early warning report relating to this transaction is available under Adherex's SEDAR profile at www.sedar.com and can be obtained from the contact below.

Contact Information

  • 683 Capital Partners, LP
    Alan Leibel
    3 Columbus Circle, Suite 2205, New York, NY 10019
    (212) 554-2390
    (540) 301-7819 (FAX)
    aleibel@683capital.com