WINNIPEG, Manitoba, Dec. 18, 2017 (GLOBE NEWSWIRE) -- Empire Industries Ltd. (“Empire” or the “Company”) (TSX-V:EIL) is pleased to announce that it has closed the private placement announced on November 29, 2017, being a non-brokered private placement financing of 1,900,000 common shares in the capital of the Company (“Shares”) at a price of $0.50 per Share for gross proceeds to the Company of $950,000 (the “Offering”).
This private placement was conducted because during Empire’s recent rights offering process, Empire was approached by some investors who hoped to participate in the rights offering through transfers of rights. Unfortunately, they were not able to complete the rights transfer process in time to participate. Because the rights offering was not fully subscribed, Empire decided to allow these investors to participate via this private placement.
All Shares 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 general corporate and administrative purposes.
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. Empire Industries’ common shares are listed on the TSX Venture Exchange under the symbol EIL.
For more information about Empire, visit www.empind.com or contact:
| Guy Nelson Chief Executive Officer Phone: (416) 366-7977 Email: gnelson@empind.com | Allan Francis Vice President – Corporate Affairs and Administration Phone: (204) 589-9301 Email: afrancis@empind.com |
Reader Advisory
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.
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’’. Such forward‐looking statements include those with respect to the Company’s intention to complete the Offering and use the proceeds of the Offering as working capital for general corporate and administrative purposes.
These forward‐looking statements are based on current expectations, and are naturally subject to uncertainty and changes in circumstances that may cause actual results to differ materially. Although Empire believes that the expectations represented in such forward‐looking statements are reasonable, there can be no assurance that these expectations will prove to be correct.
Readers are cautioned not to place undue reliance on such forward‐looking statements. Forward‐looking information is provided as of the date of this press release, and Empire assumes no obligation to update or revise them to reflect new events or circumstances, except as may be required under applicable securities laws. Any such forward‐looking statements are expressly qualified in their entirety by this cautionary statement.
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