Company offers units at C$0.05 apiece with warrants to its insiders
By Devika Patel
Knoxville, Tenn., Dec. 8 - Empire Industries Ltd. announced it settled a C$1 million private placement of units with insiders.
The company sold 20 million units of one common share and one half-share warrant at C$0.05 per unit.
Each whole warrant is exercisable at C$0.10 until Dec. 8, 2013. The strike price represents a 233.33% premium to the Dec. 7 closing share price of C$0.03.
Investors included primary subscriber Qi Guang Investments (HK) Ltd., which bought C$800,000 of the units.
Proceeds will be used for working capital.
The steel fabrication and installation services provider is based in Winnipeg, Man.
| Issuer: | Empire Industries Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1 million
|
| Units: | 20 million
|
| Price: | C$0.05
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Dec. 8, 2013
|
| Warrant strike price: | C$0.10
|
| Investor: | Qi Guang Investments (HK) Ltd. (for C$800,000)
|
| Settlement date: | Dec. 8
|
| Stock symbol: | TSX Venture: EIL
|
| Stock price: | C$0.04 at close Dec. 8
|
| Market capitalization: | C$6.06 million
|
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