<SUBMISSION>
<ACCESSION-NUMBER>0001204459-05-000752
<TYPE>SC 13G
<PUBLIC-DOCUMENT-COUNT>1
<FILING-DATE>20051219
<DATE-OF-FILING-DATE-CHANGE>20051219
<SUBJECT-COMPANY>
<COMPANY-DATA>
<CONFORMED-NAME>ADSERO CORP
<CIK>0001103544
<ASSIGNED-SIC>6770
<IRS-NUMBER>650602729
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>SC 13G
<ACT>34
<FILE-NUMBER>005-80720
<FILM-NUMBER>051272658
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>2101 NOBEL STREET
<CITY>SAINTE JULIE
<STATE>A8
<ZIP>J3E 1Z8
<PHONE>450-922-5689
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>2101 NOBEL STREET
<CITY>SAINTE JULIE
<STATE>A8
<ZIP>J3E 1Z8
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>REINK CORP
<DATE-CHANGED>20010212
</FORMER-COMPANY>
</SUBJECT-COMPANY>
<FILED-BY>
<COMPANY-DATA>
<CONFORMED-NAME>Goodman & Company, Investment Counsel Ltd.
<CIK>0000944388
<IRS-NUMBER>000000000
<STATE-OF-INCORPORATION>A6
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>SC 13G
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>SCOTIA PLAZA
<STREET2>40 KING ST WEST 55TH FL
<CITY>TORONTO
<STATE>A6
<ZIP>M5H 4A9
<PHONE>4168636990
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>SCOTIA PLAZA
<STREET2>40 KING ST WEST 55TH FL
<CITY>TORONTO
<STATE>A6
<ZIP>M5H 4A9
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>GOODMAN & COMPANY, INVESTMENT COUNSEL LTD.
<DATE-CHANGED>20040527
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>DYNAMIC MUTUAL FUNDS LTD
<DATE-CHANGED>20020301
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>DUNDEE INVESTMENT MANAGEMENT & RESEARCH LTD
<DATE-CHANGED>19980717
</FORMER-COMPANY>
</FILED-BY>
<DOCUMENT>
<TYPE>SC 13G
<SEQUENCE>1
<FILENAME>adsero13g.htm
<DESCRIPTION>ADSERO CORP. - SCHEDULE 13G
<TEXT>
<html>

<head>
<title>Adsero Corp.: Schedule 13G - Prepared by TNT Filings Inc.
</title>
</head>

<body>

<font FACE="Times New Roman"><b>
<p>&nbsp;</p>
<hr color="#000000" size="5">
<p align="center"><font style="font-size: 11pt">UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION</font></b></font><font FACE="Times New Roman" style="font-size: 11pt"><br>
Washington, D.C. 20549</p>
</font><b><font FACE="Times New Roman" SIZE="6">
<p align="center">SCHEDULE 13G</p>
</font><font FACE="Times New Roman" style="font-size: 11pt">
<p align="center">Under the Securities Exchange Act of 1934 <br>
(Amendment No.  )*</p>
</font><font FACE="Times New Roman" size="6">
<div align="center">
  <center>
  <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="60%" id="AutoNumber1">
    <tr>
      <td width="100%" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
      <font size="6"><b>ADSERO CORP.</b></font></td>
    </tr>
    <tr>
      <td width="100%" align="center" style="border-top-style: solid; border-top-width: 1">
      <font size="2" FACE="Times New Roman">(Name of Issuer)</font></td>
    </tr>
    <tr>
      <td width="100%" align="center">&nbsp;</td>
    </tr>
    <tr>
      <td width="100%" align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Times New Roman">
      <font style="font-size: 11pt">
<b>
      COMMON SHARES</b></font></font></td>
    </tr>
    <tr>
      <td width="100%" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" size="2">(Title of Class of Securities)</font></td>
    </tr>
    <tr>
      <td width="100%" align="center">&nbsp;</td>
    </tr>
    <tr>
      <td width="100%" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
      <font style="font-size: 11pt"><b>00737E 10 9</b></font></td>
    </tr>
    <tr>
      <td width="100%" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" size="2">(CUSIP Number) </font></td>
    </tr>
    <tr>
      <td width="100%" align="center">&nbsp;</td>
    </tr>
    <tr>
      <td width="100%" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
      <font style="font-size: 11pt"><b>December 19, 2005</b></font></td>
    </tr>
    <tr>
      <td width="100%" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" size="2">(Date of Event Which Requires Filing of this Statement)</font></td>
    </tr>
    <tr>
      <td width="100%">&nbsp;</td>
    </tr>
  </table>
  </center>
</div>
</font></b><font FACE="Times New Roman">
<p><font style="font-size: 11pt">Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:</font></p>
<p><font style="font-size: 11pt">[ <b>&nbsp; </b>] Rule 13d-1(b) <br>
[</font></font><font style="font-size: 11pt"><font FACE="Times New Roman"><b>X</b>] Rule 13d-1(c)<br>
[&nbsp; </font>&nbsp;</font><font FACE="Times New Roman"><font style="font-size: 11pt">] Rule 13d-1(d)</font></p>
<p><font style="font-size: 11pt">*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page. </font> </p>
<p><font style="font-size: 11pt">The information required in the remainder of this cover page shall not be
deemed to be &quot;filed&quot; for the purpose of Section 18 of the Securities Exchange
Act of 1934 (&quot;Act&quot;) or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).</font></p>
<p align="center"><font style="font-size: 11pt">Page 1 of 5 pages</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
</font><p Style='page-break-before:always'>
<table CELLSPACING="0" BORDER="0" WIDTH="90%" bordercolorlight="#000000" cellpadding="0" bordercolordark="#000000" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="113" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Times New Roman" style="font-size: 11pt">CUSIP No.</font></td>
    <td WIDTH="208" style="border-bottom-style: solid; border-bottom-width: 2">
    <b><font face="Times New Roman" style="font-size: 11pt">00737E 10 9</font></b></td>
    <td WIDTH="4" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="109" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="80" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="364" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="113">&nbsp;</td>
    <td WIDTH="208">&nbsp;</td>
    <td WIDTH="4">&nbsp;</td>
    <td WIDTH="109">&nbsp;</td>
    <td WIDTH="80">&nbsp;</td>
    <td WIDTH="364">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="321" COLSPAN="2">
    <font FACE="Times New Roman" style="font-size: 11pt">1. Names of Reporting Persons.</font></td>
    <td WIDTH="4">&nbsp;</td>
    <td WIDTH="109">&nbsp;</td>
    <td WIDTH="80">&nbsp;</td>
    <td WIDTH="364">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="514" COLSPAN="5">
    <font FACE="Times New Roman" style="font-size: 11pt">&nbsp;&nbsp; I.R.S.
    Identification Nos. of above persons (entities only).</font></td>
    <td WIDTH="364">&nbsp;</td>
  </tr>
  <tr>
    <td COLSPAN="6" width="878">
    <font style="font-size: 11pt; font-weight: 700">&nbsp;&nbsp; </font>
    <font style="font-weight: 700; font-size: 11pt">Goodman &amp; Company,
    Investment Counsel Ltd., 55<sup>th </sup>Floor, Scotia Plaza, 40 King Street</font></td>
  </tr>
  <tr>
    <td WIDTH="878" style="border-bottom-style: solid; border-bottom-width: 2" colspan="6">
    <b><font style="font-size: 11pt">&nbsp;&nbsp; West, Toronto, Ontario, Canada
    M5H 4A9</font></b></td>
  </tr>
  <tr>
    <td WIDTH="113">&nbsp;</td>
    <td WIDTH="208">&nbsp;</td>
    <td WIDTH="4">&nbsp;</td>
    <td WIDTH="109">&nbsp;</td>
    <td WIDTH="80">&nbsp;</td>
    <td WIDTH="364">&nbsp;</td>
  </tr>
  <tr>
    <td COLSPAN="6" width="878">
    <font FACE="Times New Roman" style="font-size: 11pt">2. Check the Appropriate Box if a Member of a
    Group (See Instructions)</font></td>
  </tr>
  <tr>
    <td WIDTH="113"><font FACE="Times New Roman" style="font-size: 11pt">(a)</font></td>
    <td WIDTH="208"><b><font style="font-size: 11pt">N/A</font></b></td>
    <td WIDTH="4">&nbsp;</td>
    <td WIDTH="109">&nbsp;</td>
    <td WIDTH="80">&nbsp;</td>
    <td WIDTH="364">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="113" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Times New Roman" style="font-size: 11pt">(b)</font></td>
    <td WIDTH="208" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="4" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="109" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="80" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="364" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="113">&nbsp;</td>
    <td WIDTH="208">&nbsp;</td>
    <td WIDTH="4">&nbsp;</td>
    <td WIDTH="109">&nbsp;</td>
    <td WIDTH="80">&nbsp;</td>
    <td WIDTH="364">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="321" COLSPAN="2" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Times New Roman" style="font-size: 11pt">3. SEC Use Only</font></td>
    <td WIDTH="4" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="109" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="80" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="364" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="113">&nbsp;</td>
    <td WIDTH="208">&nbsp;</td>
    <td WIDTH="4">&nbsp;</td>
    <td WIDTH="109">&nbsp;</td>
    <td WIDTH="80">&nbsp;</td>
    <td WIDTH="364">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="325" COLSPAN="3">
    <font FACE="Times New Roman" style="font-size: 11pt">4. Citizenship or Place of Organization:</font></td>
    <td WIDTH="553" COLSPAN="3">
    <b><font face="Times New Roman" style="font-size: 11pt">Toronto, Ontario,
    Canada</font></b><font FACE="Times New Roman" style="font-size: 11pt"><b>&nbsp;</b></font></td>
  </tr>
  <tr>
    <td WIDTH="113" style="border-bottom-style: solid; border-bottom-width: 2">
    &nbsp;</td>
    <td WIDTH="208" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="4" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="109" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="80" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="364" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="113">&nbsp;</td>
    <td WIDTH="208">&nbsp;</td>
    <td WIDTH="4">&nbsp;</td>
    <td WIDTH="109">&nbsp;</td>
    <td WIDTH="80">&nbsp;</td>
    <td WIDTH="364">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="113"><font FACE="Times New Roman" style="font-size: 11pt">Number of</font></td>
    <td WIDTH="208" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Times New Roman" style="font-size: 11pt">5. Sole Voting Power</font></td>
    <td WIDTH="557" COLSPAN="4" style="border-bottom-style: solid; border-bottom-width: 2">
    <font style="font-weight: 700; font-size: 11pt">2,0</font><font style="font-weight: 700; font-size: 11pt">66,700
    common shares + 2,066,700 warrants</font></td>
  </tr>
  <tr>
    <td WIDTH="113"><font FACE="Times New Roman" style="font-size: 11pt">Shares</font></td>
    <td WIDTH="208">&nbsp;</td>
    <td WIDTH="4">&nbsp;</td>
    <td WIDTH="109">&nbsp;</td>
    <td WIDTH="80">&nbsp;</td>
    <td WIDTH="364">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="113"><font FACE="Times New Roman" style="font-size: 11pt">Beneficially</font></td>
    <td WIDTH="208" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Times New Roman" style="font-size: 11pt">6. Shared Voting Power</font></td>
    <td WIDTH="113" colspan="2" style="border-bottom-style: solid; border-bottom-width: 2">
    <b><font face="Times New Roman" style="font-size: 11pt">&nbsp;Nil</font></b></td>
    <td WIDTH="80" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="364" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="113"><font FACE="Times New Roman" style="font-size: 11pt">Owned by</font></td>
    <td WIDTH="208">&nbsp;</td>
    <td WIDTH="4">&nbsp;</td>
    <td WIDTH="109">&nbsp;</td>
    <td WIDTH="80">&nbsp;</td>
    <td WIDTH="364">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="113"><font FACE="Times New Roman" style="font-size: 11pt">Each</font></td>
    <td WIDTH="212" COLSPAN="2" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Times New Roman" style="font-size: 11pt">7. Sole Dispositive Power</font></td>
    <td WIDTH="553" COLSPAN="3" style="border-bottom-style: solid; border-bottom-width: 2">
    <font style="font-weight: 700; font-size: 11pt">2,0</font><font style="font-weight: 700; font-size: 11pt">66,700
    common shares + 2,066,700 warrants</font></td>
  </tr>
  <tr>
    <td WIDTH="113"><font FACE="Times New Roman" style="font-size: 11pt">Reporting</font></td>
    <td WIDTH="208">&nbsp;</td>
    <td WIDTH="4">&nbsp;</td>
    <td WIDTH="109">&nbsp;</td>
    <td WIDTH="80">&nbsp;</td>
    <td WIDTH="364">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="113" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Times New Roman" style="font-size: 11pt">Person With</font></td>
    <td WIDTH="212" COLSPAN="2" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Times New Roman" style="font-size: 11pt">8. Shared Dispositive Power</font></td>
    <td WIDTH="109" style="border-bottom-style: solid; border-bottom-width: 2">
    <b><font face="Times New Roman" style="font-size: 11pt">Nil</font></b></td>
    <td WIDTH="80" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="364" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="113">&nbsp;</td>
    <td WIDTH="208">&nbsp;</td>
    <td WIDTH="4">&nbsp;</td>
    <td WIDTH="109">&nbsp;</td>
    <td WIDTH="80">&nbsp;</td>
    <td WIDTH="364">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="878" COLSPAN="6">
    <font FACE="Times New Roman" style="font-size: 11pt">9. Aggregate Amount
    Beneficially Owned by Each Reporting Person&nbsp; </font>
    <font style="font-weight: 700; font-size: 11pt">&nbsp;2,066,700 common shares
    and 2,066,700 warrants</font></td>
  </tr>
  <tr>
    <td COLSPAN="6" width="878">
    <b><font style="font-size: 11pt">are held within mutual funds or other
    client accounts managed by Goodman &amp; Company, Investment </font> </b></td>
  </tr>
  <tr>
    <td WIDTH="878" style="border-bottom-style: solid; border-bottom-width: 2" colspan="6">
    <b><font style="font-size: 11pt">Counsel Ltd. acting as Investment Counsel and Portfolio Manager.</font></b></td>
  </tr>
  <tr>
    <td WIDTH="113">&nbsp;</td>
    <td WIDTH="208">&nbsp;</td>
    <td WIDTH="4">&nbsp;</td>
    <td WIDTH="109">&nbsp;</td>
    <td WIDTH="80">&nbsp;</td>
    <td WIDTH="364">&nbsp;</td>
  </tr>
  <tr>
    <td COLSPAN="6" width="878">
    <font FACE="Times New Roman" style="font-size: 11pt">10. Check if the
    Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)&nbsp;&nbsp;&nbsp;&nbsp;
    <b>N/A</b></font></td>
  </tr>
  <tr>
    <td WIDTH="113" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="208" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="4" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="109" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="80" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="364" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="113">&nbsp;</td>
    <td WIDTH="208">&nbsp;</td>
    <td WIDTH="4">&nbsp;</td>
    <td WIDTH="109">&nbsp;</td>
    <td WIDTH="80">&nbsp;</td>
    <td WIDTH="364">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="514" COLSPAN="5">
    <font FACE="Times New Roman" style="font-size: 11pt">11. Percent of Class Represented by Amount in Row
    (9) <b>&nbsp;&nbsp;&nbsp; 16.75% partially diluted</b></font></td>
    <td WIDTH="364">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="113" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="208" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="4" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="109" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="80" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="364" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="113">&nbsp;</td>
    <td WIDTH="208">&nbsp;</td>
    <td WIDTH="4">&nbsp;</td>
    <td WIDTH="109">&nbsp;</td>
    <td WIDTH="80">&nbsp;</td>
    <td WIDTH="364">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="434" COLSPAN="4">
    <font FACE="Times New Roman" style="font-size: 11pt">12. Type of Reporting
    Person (See Instructions)&nbsp;&nbsp;&nbsp;&nbsp; <b>&nbsp; IA</b></font></td>
    <td WIDTH="80">&nbsp;</td>
    <td WIDTH="364">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="878" style="border-bottom-style: none; border-bottom-width: medium" colspan="6">
    <font style="font-size: 11pt; font-weight: 700">&nbsp;&nbsp;&nbsp; </font></td>
  </tr>
  <tr>
    <td WIDTH="113" style="border-bottom-style: solid; border-bottom-width: 2; border-top-style:none; border-top-width:medium">&nbsp;</td>
    <td WIDTH="208" style="border-bottom-style: solid; border-bottom-width: 2; border-top-style:none; border-top-width:medium">&nbsp;</td>
    <td WIDTH="4" style="border-bottom-style: solid; border-bottom-width: 2; border-top-style:none; border-top-width:medium">&nbsp;</td>
    <td WIDTH="109" style="border-bottom-style: solid; border-bottom-width: 2; border-top-style:none; border-top-width:medium">&nbsp;</td>
    <td WIDTH="80" style="border-bottom-style: solid; border-bottom-width: 2; border-top-style:none; border-top-width:medium">&nbsp;</td>
    <td WIDTH="364" style="border-bottom-style: solid; border-bottom-width: 2; border-top-style:none; border-top-width:medium">&nbsp;</td>
  </tr>
</table>
<font FACE="Times New Roman">
<p align="center"><font style="font-size: 11pt">Page 2 of 5 pages</font></p>
<b>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<p><font style="font-size: 11pt">Item 1.</font></b><font style="font-size: 11pt"> (a) Name of Issuer
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<b>Adsero Corp.</b></font></p>
<b>
<p><font style="font-size: 11pt">Item 1.</font></b><font style="font-size: 11pt"> (b) Address of Issuer's Principal Executive Offices
<b><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4380 Swinnea Road, Building B, Suite 112, Memphis, Tennessee 38118 USA</b></font></p>
<b>
<p><font style="font-size: 11pt">Item 2.</font></b><font style="font-size: 11pt"> (a) Name of Person Filing
</font><b>
<font style="font-size: 11pt"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Goodman &amp; Company, Investment Counsel Ltd.</font></p>
<p><font style="font-size: 11pt">Item 2.</font></b><font style="font-size: 11pt"> (b) Address of Principal Business Office or, if none, Residence
</font><b><font style="font-size: 11pt"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
55th Floor, Scotia Plaza, 40 King Street West, Toronto, Ontario, Canada&nbsp; M5H 4A9</font></p>
<p><font style="font-size: 11pt">Item 2.</font></b><font style="font-size: 11pt"> (c) Citizenship
</font><b><font style="font-size: 11pt"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Canadian</font></p>
<p><font style="font-size: 11pt">Item 2.</font></b><font style="font-size: 11pt"> (d) Title of Class of Securities
</font><b><font style="font-size: 11pt"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Common Shares</font></p>
<p><font style="font-size: 11pt">Item 2.</font></b><font style="font-size: 11pt"> (e) CUSIP Number
<b><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Not applicable</b></font></p>
<b>
<p><font style="font-size: 11pt">Item 3. If this statement is filed pursuant to Rule 13d-1(b) or 13d-2(b) or
(c), check whether the person filing is a: N/A</font></p>
</b> </font>
<table CELLSPACING="0" BORDER="0" WIDTH="83%" bordercolorlight="#000000" cellpadding="0" bordercolordark="#000000" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="58"><font FACE="Times New Roman" style="font-size: 11pt">(a)</font></td>
    <td WIDTH="19"><font FACE="Times New Roman" style="font-size: 11pt">[</font></td>
    <td WIDTH="35"><font FACE="Times New Roman" style="font-size: 11pt">]</font></td>
    <td WIDTH="707"><font FACE="Times New Roman" style="font-size: 11pt">Broker or dealer
    registered under section 15 of the Act (15 U.S.C. 78o).</font></td>
  </tr>
  <tr>
    <td WIDTH="58"><font FACE="Times New Roman" style="font-size: 11pt">(b)</font></td>
    <td WIDTH="19"><font FACE="Times New Roman" style="font-size: 11pt">[</font></td>
    <td WIDTH="35"><font FACE="Times New Roman" style="font-size: 11pt">]</font></td>
    <td WIDTH="707"><font FACE="Times New Roman" style="font-size: 11pt">Bank as defined in
    section 3(a)(6) of the Act (15 U.S.C. 78c).</font></td>
  </tr>
  <tr>
    <td WIDTH="58"><font FACE="Times New Roman" style="font-size: 11pt">(c)</font></td>
    <td WIDTH="19"><font FACE="Times New Roman" style="font-size: 11pt">[</font></td>
    <td WIDTH="35"><font FACE="Times New Roman" style="font-size: 11pt">]</font></td>
    <td WIDTH="707"><font FACE="Times New Roman" style="font-size: 11pt">Insurance company as
    defined in section 3(a)(19) of the Act (15 U.S.C. 78c).</font></td>
  </tr>
  <tr>
    <td WIDTH="58"><font FACE="Times New Roman" style="font-size: 11pt">(d)</font></td>
    <td WIDTH="19"><font FACE="Times New Roman" style="font-size: 11pt">[</font></td>
    <td WIDTH="35"><font FACE="Times New Roman" style="font-size: 11pt">]</font></td>
    <td WIDTH="707"><font FACE="Times New Roman" style="font-size: 11pt">Investment company
    registered under section 8 of the Investment Company Act of 1940</font></td>
  </tr>
  <tr>
    <td WIDTH="58">&nbsp;</td>
    <td WIDTH="19">&nbsp;</td>
    <td WIDTH="35">&nbsp;</td>
    <td WIDTH="707"><font FACE="Times New Roman" style="font-size: 11pt">(15 U.S.C 80a-8).</font></td>
  </tr>
  <tr>
    <td WIDTH="58"><font FACE="Times New Roman" style="font-size: 11pt">(e)</font></td>
    <td WIDTH="19"><font FACE="Times New Roman" style="font-size: 11pt">[</font></td>
    <td WIDTH="35"><font FACE="Times New Roman" style="font-size: 11pt">]</font></td>
    <td WIDTH="707"><font FACE="Times New Roman" style="font-size: 11pt">An investment adviser
    in accordance with Rule 13d-1(b)(1)(ii)(E);</font></td>
  </tr>
  <tr>
    <td WIDTH="58"><font FACE="Times New Roman" style="font-size: 11pt">(f)</font></td>
    <td WIDTH="19"><font FACE="Times New Roman" style="font-size: 11pt">[</font></td>
    <td WIDTH="35"><font FACE="Times New Roman" style="font-size: 11pt">]</font></td>
    <td WIDTH="707"><font FACE="Times New Roman" style="font-size: 11pt">An employee benefit
    plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F);</font></td>
  </tr>
  <tr>
    <td WIDTH="58"><font FACE="Times New Roman" style="font-size: 11pt">(g)</font></td>
    <td WIDTH="19"><font FACE="Times New Roman" style="font-size: 11pt">[</font></td>
    <td WIDTH="35"><font FACE="Times New Roman" style="font-size: 11pt">]</font></td>
    <td WIDTH="707"><font FACE="Times New Roman" style="font-size: 11pt">A parent holding
    company or control person in accordance with Rule 13d-1(b)(1)(ii)(G);</font></td>
  </tr>
  <tr>
    <td WIDTH="58"><font FACE="Times New Roman" style="font-size: 11pt">(h)</font></td>
    <td WIDTH="19"><font FACE="Times New Roman" style="font-size: 11pt">[</font></td>
    <td WIDTH="35"><font FACE="Times New Roman" style="font-size: 11pt">]</font></td>
    <td WIDTH="707"><font FACE="Times New Roman" style="font-size: 11pt">A savings associations
    as defined in Section 3(b) of the Federal Deposit Insurance Act (12</font></td>
  </tr>
  <tr>
    <td WIDTH="58">&nbsp;</td>
    <td WIDTH="19">&nbsp;</td>
    <td WIDTH="35">&nbsp;</td>
    <td WIDTH="707"><font FACE="Times New Roman" style="font-size: 11pt">U.S.C. 1813);</font></td>
  </tr>
  <tr>
    <td WIDTH="58"><font FACE="Times New Roman" style="font-size: 11pt">(i)</font></td>
    <td WIDTH="19"><font FACE="Times New Roman" style="font-size: 11pt">[</font></td>
    <td WIDTH="35"><font FACE="Times New Roman" style="font-size: 11pt">]</font></td>
    <td WIDTH="707"><font FACE="Times New Roman" style="font-size: 11pt">A church plan that is
    excluded from the definition of an investment company under section</font></td>
  </tr>
  <tr>
    <td WIDTH="58">&nbsp;</td>
    <td WIDTH="19">&nbsp;</td>
    <td WIDTH="35">&nbsp;</td>
    <td WIDTH="707"><font FACE="Times New Roman" style="font-size: 11pt">3(c)(14) of the
    Investment Company Act of 1940 (15 U.S.C. 80a-3);</font></td>
  </tr>
  <tr>
    <td WIDTH="58"><font FACE="Times New Roman" style="font-size: 11pt">(j)</font></td>
    <td WIDTH="19"><font FACE="Times New Roman" style="font-size: 11pt">[</font></td>
    <td WIDTH="35"><font FACE="Times New Roman" style="font-size: 11pt">]</font></td>
    <td WIDTH="707"><font FACE="Times New Roman" style="font-size: 11pt">Group, in accordance
    with Rule 13d-1(b)(1)(ii)(J).</font></td>
  </tr>
</table>
<b>
</b>
<font FACE="Times New Roman"><b>
<p><font style="font-size: 11pt">CANADIAN INVESTMENT COUNSEL FIRM</font></p>
</b>
<p align="center"><font style="font-size: 11pt">Page 3 of 5 pages</font></p>
<b>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<p><font style="font-size: 11pt">Item 4. Ownership.</font></p>
</b></font><font FACE="Times New Roman" style="font-size: 11pt">
<blockquote>
  <p align="left">(a) Amount beneficially owned: <b>&nbsp;</b><font style="font-weight: 700">2,0</font><font style="font-weight: 700; font-size: 11pt">66,700
  common shares + 2,066,700 warrants</font><b><br>
  </b>(b) Percent of class: <b>&nbsp;16.75% partially diluted<br>
  </b>(c) Number of shares as to which the person has:<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  (i)<b> </b>Sole power to vote or to direct the vote <b>&nbsp;</b><font style="font-weight: 700">2,0</font><font style="font-weight: 700; font-size: 11pt">66,700
  common shares + 2,066,700 warrants</font><b><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b>(ii) Shared power to vote or to direct the vote <b>&nbsp;Nil<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </b>(iii) Sole power to dispose or to direct the disposition of
  <font style="font-weight: 700; font-size: 11pt">&nbsp;2,066,700 common shares +
  2,066,700 warrants</font><b><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </b>(iv) Shared power to dispose or to direct the disposition of&nbsp; <b>Nil
  </b></font></p>
</blockquote>
<b><font FACE="Times New Roman" style="font-size: 11pt">
<p align="left">Item 5. Ownership of Five Percent or Less of a Class <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b>
<font FACE="Times New Roman"><font style="font-size: 11pt">Not applicable</font></p>
<b>
<p align="left"><font style="font-size: 11pt">Item 6. Ownership of More than Five Percent on Behalf of Another
Person. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font> </b><font style="font-size: 11pt">Not applicable.</font></p>
<b>
<p align="left"><font style="font-size: 11pt">Item 7. Identification and Classification of the Subsidiary
Which Acquired the Security Being Reported on By the Parent Holding Company <br>
</font> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b><font style="font-size: 11pt">Not applicable.</font></p>
<b>
<p align="left"><font style="font-size: 11pt">Item 8. Identification and Classification of Members of the
Group <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font> </b>
<font style="font-size: 11pt">Not applicable</font></p>
<b>
<p align="left"><font style="font-size: 11pt">Item 9. Notice of Dissolution of Group
<br>
</font> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b>
<font style="font-size: 11pt">Not applicable.</font></p>
<b>
<p align="left"><font style="font-size: 11pt">Item 10. Certification</font></p>
</b>
<blockquote>
  <p align="left"><font style="font-size: 11pt">By signing below I certify that, to the best of my knowledge
  and belief, the securities referred to above were not acquired and are not
  held for the purpose of or with the effect of changing or influencing the
  control of the issuer of the securities and were not acquired and are not held
  in connection with or as a participant in any transaction having that purpose
  or effect.</font></p>
</font>
</blockquote>
<p align="center"><font style="font-size: 11pt">Page 4 of 5 pages</font></p>
<hr color="#000000" size="5"><b><p Style='page-break-before:always'>
<font FACE="Times New Roman" style="font-size: 11pt">
<p align="center">SIGNATURE</p>
</font>
</b><font FACE="Times New Roman" style="font-size: 11pt">
<p>After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.</p>
</font>
<font FACE="Times New Roman">
<div align="right">
  <table CELLSPACING="0" BORDER="0" WIDTH="48%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="482" style="border-bottom-style: solid; border-bottom-width: 1">
      <p align="center"><font style="font-size: 11pt">December</font><font style="font-size: 11pt">
      19, 2005</font></td>
    </tr>
    <tr>
      <td WIDTH="482" style="border-top-style: solid; border-top-width: 1">
      <p align="center"><font style="font-size: 11pt">Date</font></td>
    </tr>
    <tr>
      <td WIDTH="482">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="482" style="border-bottom-style: solid; border-bottom-width: 1">
      <p align="center">
      <i>&quot;Rohit Sehgal&quot;</i></td>
    </tr>
    <tr>
      <td WIDTH="482" style="border-top-style: solid; border-top-width: 1">
      <p align="center"><font style="font-size: 11pt">Signature</font></td>
    </tr>
    <tr>
      <td WIDTH="482">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="482">
      <p align="center"><font style="font-size: 11pt">
<font FACE="Times New Roman">
      Rohit Sehgal</font></font></td>
    </tr>
    <tr>
      <td WIDTH="482" align="center"><font style="font-size: 11pt">
      Vice-President, Counselling and Chief </font>
<font FACE="Times New Roman">
      <font style="font-size: 11pt">Investment Strategist</font></font></td>
    </tr>
    <tr>
      <td WIDTH="482" style="border-top-style: solid; border-top-width: 1">
      <p align="center"><font style="font-size: 11pt">Name/Title</font></td>
    </tr>
  </table>
</div>
<p><font style="font-size: 11pt">The original statement shall be signed by each person on whose behalf the
statement is filed or his authorized representative.&nbsp; If the statement is
signed on behalf of a person by his authorized representative other than an
executive officer or general partner of the filing person, evidence of the
representative's authority to sign on behalf of such person shall be filed with
the statement, provided, however, that a power of attorney for this purpose
which is already on file with the Commission may be incorporated by reference.&nbsp;
The name and any title of each person who signs the statement shall be typed or
printed beneath this signature.</font></p>
<p align="center"><font style="font-size: 11pt">Page 5 of 5 pages</font></p>
<hr color="#000000" size="5">
</font>

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