WINNIPEG, Manitoba, June 22, 2018 (GLOBE NEWSWIRE) -- With reference to its prior News Release dated May 10, 2018, Empire Industries Ltd. (TSX-V:EIL) (“Empire”, “EIL” or the “Company”) is pleased to announce that it has closed a non-brokered private placement financing of 11,111,110 units (“Units”) at a price of $0.45 per Unit for gross proceeds of $5,000,000 (the “Offering”).
Each Unit issued pursuant to the Offering was comprised of one (1) common share (“Common Share”) in the capital of the Corporation and one (1) Common Share purchase warrant (each a Warrant and together the “Warrants”). An aggregate of 11,111,110 Common Shares and 11,111,110 Warrants were issued. The Warrants expire on June 22, 2021, which is three (3) years from closing date. Each Warrant entitles the holder to purchase one (1) additional Common Share at the following exercise price: (i) $0.50 per Common Share until December 22, 2019; and (ii) $0.75 per Common Share thereafter until expiry on June 22, 2021. The Warrants are transferrable with the consent of the Company.
All securities issued as part of the Offering are subject to a four month and one day hold period. The Company intends to use the proceeds of the Offering for working capital.
About Empire Industries Ltd.
Empire focuses on designing, supplying, and installing iconic media-based attractions and ride systems for the global theme park industry. Empire also uses these same turn-key integration services for special projects such as large optical telescopes and enclosures. Empire also has commenced an initiative to leverage its world class flying theater and attraction development capability on a co-venture ownership basis. Empire’s common shares are listed on the TSX Venture Exchange under the symbol EIL. Empire’s common shares are listed on the TSX Venture Exchange under the symbol EIL.
For more information about the Company, visit www.empind.com or contact:
Chief Executive Officer
Phone: (416) 366-7977
Vice President – Corporate Affairs and Administration
Phone: (204) 589-9301
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The offered securities mentioned in this news release will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.
This news release contains forward-looking statements, within the meaning of applicable securities legislation, concerning Empire’s business and affairs. In certain cases, forward-looking statements can be identified by the use of words such as ‘‘plans’’, ‘‘expects’’ or ‘‘does not expect’’, ‘‘budget’’, ‘‘scheduled’’, ‘‘estimates’’, “forecasts’’, ‘‘intends’’, ‘‘anticipates’’ or variations of such words and phrases or state that certain actions, events or results ‘‘may’’, ‘‘could’’, ‘‘would’’, ‘‘might’’ or ‘‘will be taken’’, ‘‘occur’’ or ‘‘be achieved’’. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although Empire believes these statements to be reasonable, no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. Such statements include statements with respect to the use the proceeds of the Offering as working capital to fund the Company’s ongoing projects. Actual results could differ materially from those anticipated in these forward-looking statements as a result of prevailing economic conditions, and other factors, many of which are beyond the control of Empire. The forward-looking statements contained in this news release represent Empire’s expectations as of the date hereof, and are subject to change after such date. The forward-looking statements in this news release assume, inter alia, that the conditions for completion of the Offering, including regulatory approval will be met. Empire disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable securities regulations.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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