Company receives proceeds of $1.7 million
WINNIPEG, June 12, 2018 – Empire Industries Ltd. (TSX-V: EIL, or “Empire”) today announced that Canada Zhoufa Agricultural Holding Company Limited (“Canada Zhoufa”) exercised all of their outstanding warrants, resulting in 6,300,000 common shares being issued by Empire, bringing Empire’s total issued & outstanding shares to 91,961,568. The exercise price of the warrants was $0.272 per share, yielding Empire proceeds of approximately $1.7 million.
As a result of the exercise, Canada Zhoufa now holds 17,642,875 shares, representing 19.2% of Empire’s issued & outstanding shares.
“We are pleased to see Canada Zhoufa exercise all of their warrants” said Guy Nelson, Executive Chairman and Chief Executive Officer of Empire. “We see this as a vote of confidence by Canada Zhoufa in Empire’s strategy. With this exercise, the only outstanding convertible securities of Empire are our incentive stock options. As of today, there are 6,166,667 stock options outstanding with an average exercise price of $0.435.”
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. Through Empire’s execution of its strategy over the years, Empire owns several non-entertainment investments that it seeks to optimize and liquidate at the appropriate time. Empire’s equity holding in Tornado falls into this category. Empire’s common shares are listed on the TSX Venture Exchange under the symbol EIL.
For more information about the Company, visit empind.com or contact:
Chief Executive Officer
Phone: (416) 366-7977
Vice President – Corporate Affairs and Administration
Phone: (204) 589-9301
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’’, “believes” 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’’. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although Empire believes these statements to be reasonable, no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. Actual results could differ materially from those anticipated in these forward-looking statements as a result of prevailing economic conditions, and other factors, many of which are beyond the control of Empire. The forward-looking statements contained in this news release represents empire’s expectations as of the date hereof, and are subject to change after such date. Empire disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable securities regulations.
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.