Company sells common shares, full warrants at C$0.05 per equity unit
By Devika Patel
Knoxville, Tenn., May 31 - Empire Industries Ltd. said it settled a C$2.1 million non-brokered private placement of units. The deal priced for C$3 million on April 15.
The company sold 42 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.
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 one warrant
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Amount: | C$2.1 million
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Units: | 42 million
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Price: | C$0.05
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Warrants: | One 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: | April 15
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Settlement date: | May 31
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Stock symbol: | TSX Venture: EIL
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Stock price: | C$0.065 at close April 14
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Market capitalization: | C$7.76 million
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