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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM S-8
REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OF 1933
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DALECO RESOURCES CORPORATION
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(EXACT NAME OF REGISTRANT SPECIFIED IN ITS CHARTER)
DELAWARE 23-2860739
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(STATE OF OTHER JURISDICTION OF (IRS EMPLOYER IDENTIFICATION NUMBER)
INCORPORATION OR ORGANIZATION)
435 DEVON PARK DRIVE, SUITE 410, WAYNE, PENNSYLVANIA 19087
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICE AND ZIP CODE)
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(FULL TITLE OF THE PLAN)
C. WARREN TRAINOR, ESQUIRE C/O EHMANN, VAN DENBERGH & TRAINOR, P.C.
TWO PENN CENTER PLAZA, SUITE 725, PHILADELPHIA, PENNSYLVANIA 19102
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(NAME AND ADDRESS OF AGENT FOR SERVICE)
215-851-9800
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(TELEPHONE NUMBER, INCLUDING AREA CODE, OF AGENT FOR SERVICE)
CALCULATION OF REGISTRATION FEE
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PROPOSED PROPOSED
TITLE OF MAXIMUM MAXIMUM
SECURITIES AMOUNT TO OFFERING AGGREGATE AMOUNT OF
TO BE BE PRICE PER OFFERING REGISTRATION
REGISTERED REGISTERED SHARE(1) PRICE FEE
- ---------- --------- -------- --------- ---------
Common Stock 200,000 $.25 $50,000 $15.15
(Par Value $0.01)
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(1) This price was fixed based on the closing price of the stock on October 14,
1997.
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PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
ITEM #1
(b) Securities to be offered:
(1) This Registration Statement covers 200,000 shares of Common Stock, par
value $.01, of Daleco Resources Corporation, a Delaware corporation,
issued to consultants in exchange for services at $.25 per share
pursuant to Rule 701 under the Securities Act of 1933.
(2) The persons covered hereby are:
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NAME OF RE-OFFEROR NUMBER OF SHARES
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Ehmann, VanDenbergh & 200,000
Trainor, P.C.
Two Penn Center Plaza
Suite 725
Philadelphia, PA 19103
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PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
ITEM #3 INCORPORATION OF DOCUMENTS BY REFERENCE.
The following documents are incorporated by reference in the registration
statement:
(a) The registrants latest annual report on Form 10-KSB, dated January 14, 1996.
(b) The registrant's Amended Form 10-QSB dated August 26, 1997 for the quarter
ending June 30, 1997.
(c) All other reports filed by the registrant pursuant to Section 13(a) or 15(d)
of the Securities Exchange Act of 1934 since the end of the fiscal year
covered by the annual report referred to in (a) above, to include
registrants Proxy Statements containing Part III information dated January
29, 1997.
(d) The descriptions of the registrants Common Stock which are contained in the
registrant's statements under Section 12 of the Securities Exchange Act of
1934, including any amendment or reports filed for the purpose of updating
such descriptions.
ITEM #4 DESCRIPTION OF SECURITIES.
Not applicable.
ITEM #5 INTEREST OF NAMED EXPERTS AND COUNSEL.
Legal Opinion - the validity of the shares of Common Stock covered by this
registration statement had been passed upon for the Company by
Daniel P. McElhatten, P.C. counsel to the Company.
ITEM #6 INDEMNIFICATION OF DIRECTORS.
Section 145 of the General Corporation Law of Delaware authorizes
indemnification of directors, officers and employees of Delaware corporation.
Articles VIII of the registrant's by-laws (i) authorizes the indemnification of
directors and officers (the "Indemnitee") under specified circumstances to the
fullest extent authorized by the General Corporation Law of Delaware, (ii)
provides for the advancement of expenses to the Indemnitee for defending any
proceedings related to the specified circumstances, (iii) gives the Indemnitee
the right to bring suit against the registrant to enforce the foregoing rights
to indemnification and advancement of expenses, and (iv) authorizes the
registrant to maintain certain policies of insurance to protect itself and any
of its directors, officers or employees. The registrant currently maintains as
policies of insurance under which the directors and officers of registrant are
insured. In connection with the defense of actions, suites or proceedings, and
certain liabilities which might be imposed as a result of such actions, suits or
proceedings, to which they are parties by reason of being or having been such
directors or officers.
ITEM #7 EXEMPTION FROM REGISTRATION CLAIMED.
In each instance the Common Stock issued by the registrant to the holder were
issued pursuant to the exemption contained in Rule 701 promulgated under Section
3(b) of the Securities Act of 1933.
ITEM #8 EXHIBITS.
The exhibits to the registration statement are listed in the Exhibit Index
elsewhere herein.
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ITEM #9 UNDERTAKINGS.
The undersigned registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a
post-effective amendment to the registration statement to include any
material information with respect to the plan of distribution not previously
disclosed in the registration statement or any material change to such
information in the registration statement. That, for the purpose of
determining any liability under the Securities Act of 1933, each such
post-effective amendment shall be deemed to be all new registration
statement relating to the securities offered therein, and the offering of
such securities at that time shall be deemed to be the initial bona fide
offering thereof.
(2) To include any material information not previously disclosed in the
Registration Statement or any material change to such information in the
Registration Statement, provided, however, that paragraphs (i) and (ii) do
not apply if the Registration Statement is on Form S-3 or Form S-8, and the
information required to be included in a post-effective amendment by those
paragraph is contained in periodic reports filed by the Company pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934 that are
incorporated by reference in the Registration Statement.
(3) To remove from registration by means of a post-effective amendment any of
the securities being registered which remain unexercised at the expiration
of the exercise period.
(4) That, for the purpose of determining any liability under the Securities Act
of 1934 each filing of the Company's annual report pursuant to Section 13(a)
or 15(d) of the Securities Exchange Act of 1934 that is incorporated
statement shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.
(5) Insofar as indemnification for liabilities arising under the Securities Act
may be permitted to directors, officers and controlling persons of the
Company pursuant to the foregoing provisions, or otherwise, the Company has
been advised that in the opinion of the Securities and Exchange Commission,
such indemnification is against public policy as expressed in the Securities
Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
Company of expenses incurred or paid by a director, officer or controlling
person of the Company in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Company will, unless in
the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question
whether such indemnification by it is against public policy as expressed in
the Securities Act, and will be governed by the final adjudication of such
issue.
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, Daleco Resources
Corporation certifies that it has reasonable grounds to believe it meets all of
the requirements for filing or Form S-8 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the town of Wayne, Commonwealth of Pennsylvania, on October 22,
1997.
Daleco Resources Corporation
ss/GARY J. NOVINSKIE
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By: Gary J. Novinskie, President
Pursuant to the requirements of the Securities Act of 1933, this registration
statement has been signed by the following persons in the capacities and on the
date indicated.
SIGNATURE TITLE DATE
CHAIRMAN OF THE BOARD
ss/DOV AMIR OF DIRECTORS AND CHIEF
- ----------------------- EXECUTIVE OFFICER October 22, 1997
DOV AMIR ----------------
PRESIDENT, DIRECTOR
ss/GARY J. NOVINSKIE AND CHIEF OPERATING
- ----------------------- OFFICER October 22, 1997
GARY J. NOVINSKIE ----------------
ss/EDWARD J. FURMAN
- ----------------------- CHIEF FINANCIAL OFFICER October 22, 1997
EDWARD J. FURMAN ----------------
ss/DAVID F. LINCOLN DIRECTOR AND
- ----------------------- VICE PRESIDENT October 22, 1997
DAVID F. LINCOLN ----------------
ss/LOUIS ERLICH DIRECTOR AND
- ----------------------- VICE PRESIDENT October 22, 1997
LOUIS ERLICH ----------------
ss/C. WARREN TRAINOR
- ----------------------- DIRECTOR October 22, 1997
C. WARREN TRAINOR ----------------
ss/EBERHARD MEULLER
- ----------------------- DIRECTOR October 22, 1997
EBERHARD MUELLER ----------------
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EXHIBITS
Filed pursuant to Item 601 of Regulation S-B.
DESCRIPTION METHOD OF FILING
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(4) Articles of Incorporation of Attached as an Exhibit to Form 8-K
Daleco Resources Corporation. dated October 7, 1996.
(5) Opinion of Daniel P. McElhatten, P.C. Included at Page II - 1 of this
Registration Statement.
(24) Consent of Experts and Counsel
Consent of Daniel P. McElhatten,
P.C. is contained in its
opinion filed as Exhibit 5.
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LAW OFFICES
DANIEL P. McELHATTON
A PROFESSIONAL CORPORATION
SUITE 725
TWO PENN CENTER PLAZA
PHILADELPHIA, PA 19102-1707
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(215) 851-1658
FAX (215) 851-9820
October 22, 1997
Daleco Resources Corporation
435 Devon Park Drive, Suite 410
Wayne, PA 19087
Re: 200,000 Shares of Common Stock
of Daleco Resources Corporation
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Gentlemen:
We have represented Daleco Resources Corporation (the "Company") in connection
with the registration of the above referenced Shares under the Securities Act of
1933 on the Company's Form S-8 Registration Statement (the "Registration
Statement") for issuance to certain "consultants" as specified in the
Registration Statement.
We have examined the originals or copies, certified or otherwise identified to
our satisfaction, of the Company's Certificate of Incorporation; it By-Laws;
minutes of the Meetings of the Board of Directors; the Agreements listed as
Exhibits to the Registration Statement or incorporated therein by reference; and
such other materials as we considered necessary to support this opinion.
Based on this examination, we are of the opinion that the Shares have been
clearly and validly authorized, and that the Shares will be legally issued,
fully paid and non-assessable when certificates therefore have been duly
executed and countersigned and delivered.
We hereby consent to the reference to this firm in the Registration Statement
under Item 5 of Form S-8, Interest of Named Experts and Counsel, and to the
attachment of this opinion as an Exhibit to the Registration Statement.
ss/Daniel P. McElhatton
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Daniel P. McElhatton, P.C.
