Stephen Sadler

May 13, 2011 15:46 ET

Stephen Sadler Acquires Convertible Debenture of Semcan Inc.

TORONTO, ONTARIO--(Marketwire - May 13, 2011) - Stephen Sadler announces that on May 11, 2011 he acquired 1,000,000 warrants (the "Warrants") to acquire common shares of Semcan Inc. ("Semcan") in connection with the provision of a guarantee for a bank operating line for Semcan. In addition to the Warrants, Mr. Sadler currently holds a $700,000 debenture convertible into 5,000,000 common shares and 2,500,000 warrants pursuant to the transaction announced April 21, 2011 and a further 1,000,000 warrants from a prior transaction. If the debenture was converted and all warrants exercised, Mr. Sadler would own 9,500,000 common shares which would represent 26.37% of issued and outstanding common shares on a partially diluted basis.

The Warrants referred to above are held for investment purposes and Mr. Sadler and/or one or more of his affiliates may, depending on market and other conditions, increase or decrease his/its beneficial ownership of common shares or other securities of Semcan whether through market transactions, private agreements, treasury issuances, exercise of convertible securities or otherwise.

Contact Information

  • Mr. Sadler can be reached
    c/o 80 Tiverton Court, Suite 800,
    Markham, ON, L3R 0G4