Empire Industries Announces Warrant Exercise
June 12 2018 - 6:47PM
Empire Industries Ltd. (TSX-V: EIL, or “Empire”) today announced
that Canada Zhoufa Agricultural Holding Company Limited (“Canada
Zhoufa”) exercised all of their outstanding warrants, resulting in
6,300,000 common shares being issued by Empire, bringing Empire’s
total issued & outstanding shares to 91,961,568. The
exercise price of the warrants was $0.272 per share, yielding
Empire proceeds of approximately $1.7 million.
As a result of the exercise, Canada Zhoufa now holds 17,642,875
shares, representing 19.2% of Empire’s issued & outstanding
shares.
“We are pleased to see Canada Zhoufa exercise all of their
warrants” said Guy Nelson, Executive Chairman and Chief Executive
Officer of Empire. We see this as a vote of confidence by
Canada Zhoufa in Empire’s strategy. With this exercise, the
only outstanding convertible securities of Empire are our incentive
stock options. As of today, there are 6,166,667 stock options
outstanding with an average exercise price of $0.435.”
About Empire Industries Ltd.Empire focuses on
designing, supplying, and installing premium theme park,
media-based attractions and ride systems for the global
entertainment industry. Empire also uses these same turn-key
integration services for special projects such as large optical
telescopes and enclosures. Through Empire’s execution of its
strategy over the years, Empire owns several non-entertainment
investments that it seeks to optimize and liquidate at the
appropriate time. Empire’s equity holding in Tornado falls into
this category. Empire’s common shares are listed on the TSX Venture
Exchange under the symbol EIL.
For more information about the Company, visit empind.com or
contact:
Guy NelsonChief
Executive OfficerPhone: (416) 366-7977Email:
gnelson@empind.com |
Allan FrancisVice
President – Corporate Affairs and AdministrationPhone: (204)
589-9301Email: afrancis@empind.com |
Reader Advisory
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’’, “believes” 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. 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
represents empire’s expectations as of the date hereof, and are
subject to change after such date. 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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