Company offers 20 million units at C$0.05 apiece to insiders
By Devika Patel
Knoxville, Tenn., Dec. 7 - Empire Industries Ltd. said it plans a C$1 million non-brokered private placement of units with insiders.
The company will sell 20 million units of one common share and one half-share warrant at C$0.05 per unit. Each two-year warrant will be exercisable at C$0.10.
The strike price is a 233.33% premium to C$0.03, the Dec. 6 closing share price.
Insiders have subscribed for 100% of the private placement.
Settlement is expected Dec. 8.
The steel fabrication and installation services provider is based in Winnipeg, Man.
Issuer: | Empire Industries Ltd.
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Issue: | Units of one common share and a half-share warrant
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Amount: | C$1 million
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Units: | 20 million
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Price: | C$0.05
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.10
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Agent: | Non-brokered
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Pricing date: | Dec. 7
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Settlement date: | Dec. 8
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Stock symbol: | TSX Venture: EIL
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Stock price: | C$0.03 at close Dec. 7
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Market capitalization: | C$5.2 million
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