WINNIPEG, Manitoba, May 10, 2018 (GLOBE NEWSWIRE) -- Empire Industries Ltd. (TSX-V:EIL) (“Empire,” “EIL” or the “Company”) is pleased to announce that it intends to complete a non-brokered private placement financing of 11,111,112 units (“Units”) at a price of $0.45 per Unit for gross proceeds of $5,000,000 (the “Offering”).

Each Unit will be 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 11,111,112 Common Shares and 11,111,112 Warrants will be issued. The Warrants shall expire three (3) years from closing date.  Each Warrant will entitle the holder to purchase one (1) additional Common Share at the following exercise price: (i) Months 1 to 18 from the closing date $0.50 per Common Share; and (ii) Months 19 to 36 from the closing date - $0.75 per Common Share.  The Warrants shall be transferrable with the consent of the Company.

Closing of the Offering is subject to customary conditions, including receipt of all regulatory approvals, and is anticipated to occur on or before June 25, 2018.  All securities issued as part of the Offering will be 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 or contact:

Guy Nelson
Chief Executive Officer
Phone:  (416) 366-7977
Allan Francis
Vice President – Corporate Affairs and Administration
Phone:  (204) 589-9301

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: (i) the closing of Offering; and (ii) 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.