Empire Industries Closes $5,000,000 Private Placement of Units
June 22 2018 - 4:30PM
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:
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 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.
Not for distribution to United States newswire
services or dissemination in the United States.
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