SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM S-8
REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OF 1933
DALECO RESOURCES CORPORATION
(EXACT NAME OF REGISTRANT SPECIFIED IN ITS CHARTER)
NEVADA 23-2860739
(STATE OR OTHER JURISDICTION OF (IRS EMPLOYER IDENTIFICATION NO.)
INCORPORATION OR ORGANIZATION)
120 NORTH CHURCH STREET, WEST CHESTER, PENNSYLVANIA 19380
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICE AND ZIP CODE)
(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
(NAME AND ADDRESS OF AGENT FOR SERVICE)
215-851-9800
(TELEPHONE NUMBER, INCLUDING AREA CODE, OF AGENT FOR SERVICE)
CALCULATION OF REGISTRATION FEE
- ----------------------- ------------------- ---------------------- ------------------------- -----------------------
TITLE OF
SECURITIES AMOUNT PROPOSED MAXIMUM AMOUNT OF
TO BE TO BE OFFERING PRICE PER PROPOSED MAXIMUM REGISTRATION
REGISTERED REGISTERED SHARE(1) AGGREGATE OFFERING PRICE FEE
- ----------------------- ------------------- ---------------------- ------------------------- -----------------------
Common
Stock (Par
Value $0.01) 146,301 $0.673 $98,460.77 $9.06
- ----------------------- ------------------- ---------------------- ------------------------- -----------------------
(1) This price was fixed based on an agreed contractual agreement for the
issuance of shares in exchange for services at $0.673 per share, a rate
equal to the average of the bid and asked price for the five trading
days ending June 14, 2002. No fractional shares are to be issued, with
any fractional share rounded down to the next whole share.
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
ITEM #1
(b) Securities to be offered:
1) This Registration Statement covers 146,301 shares of Common Stock, par
value $.01, of Daleco Resources Corporation, a Delaware corporation,
issued to special counsel to the registrant in exchange for $98,460.77
of services at $0.673 per share pursuant to Rule 701 under the
Securities Act of 1933. No fractional shares are to be issued, with any
fractional share rounded down to the next whole share.
2) The person covered hereby are:
========================================= ======================
NAME OF RE-OFFEROR NUMBER OF SHARES
----------------------------------------- ----------------------
Gary E. Ellison 146,301
11767 Katy Freeway, Suite 1112
Houston, TX 77079
========================================= ======================
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 registrant's latest annual report on Form 10-KSB, dated January 14,
2002 and filed January 25, 2002.
(b) The registrant's Form 10-QSB dated May 15, 2002 for the quarter ending
March 31, 2002.
(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.
(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 Ehmann, Van
Denbergh & Trainor, P.C. counsel to the Company.
ITEM #6 INDEMNIFICATION OF DIRECTORS.
Section 78:751 of the Nevada Revised Statues (Nevada General Corporation Law)
authorizes indemnification of directors, officers and employees of a Nevada
Corporation. 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 law of Nevada, (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 no 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.
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.
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 June 24, 2002
Daleco Resources Corporation
/s/ GARY J. NOVINSKIE
---------------------------------
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
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/s/ DOV AMIR CHAIRMAN OF THE BOARD OF June 24, 2002
- ---------------------------- DIRECTORS AND CHIEF
DOV AMIR EXECUTIVE OFFICER
/s/ GARY J. NOVINSKIE PRESIDENT, TREASURER AND DIRECTOR June 24, 2002
- ----------------------------
GARY J. NOVINSKIE
/s/ C. WARREN TRAINOR DIRECTOR June 24, 2002
- ----------------------------
C. WARREN TRAINOR
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
Daleco Resources Corporation. Form 8-K dated April 10, 2002.
(5) Opinion of Ehmann, Van Denbergh & Included at Page II - 1 of this
Trainor, P.C. Registration Statement.
(24) Consent of Experts and Counsel
Consent of Ehmann, Van Denbergh
& Trainor, P.C. is contained in
its opinion filed as Exhibit 5.