Company sells common shares, full warrants at C$0.05 per equity unit
By Devika Patel
Knoxville, Tenn., April 15 - Empire Industries Ltd. said it will conduct a C$3 million non-brokered private placement of units.
The company will sell 60 million units at C$0.05 apiece. Each unit consists of one common share and one warrant. Each two-year warrant will be exercisable at C$0.10.
The strike price is a 53.85% premium to C$0.065, the April 14 closing share price.
Settlement is expected May 31.
The steel fabrication and installation services provider is based in Winnipeg, Man.
| Issuer: | Empire Industries Ltd.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$3 million
|
| Units: | 60 million
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.10
|
| Agent: | Non-brokered
|
| Pricing date: | April 15
|
| Settlement date: | May 31
|
| Stock symbol: | TSX Venture: EIL
|
| Stock price: | C$0.065 at close April 14
|
| Market capitalization: | C$5.93 million
|
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