WINNIPEG, October 16, 2017 – Empire Industries Ltd. (“Empire” or the “Corporation”) announced a correction to its news release issued on October 16, 2017. Specifically, Empire is offering 0.15 rights for each issued and outstanding Common Share. The original news release incorrectly stated that Empire was offering one right for each issued and outstanding Common Share.
The original news release should have read as follows:
Empire Industries Ltd. (“Empire” or the “Corporation”) is pleased to announce that it is commencing a rights offering to holders (“Shareholders”) of its Class “A” Common Shares (“Common Shares”) of record at the close of business (Toronto time) on October 24, 2017 (the “Record Date”) on the basis of 0.15 rights (each a “Right” and together the “Rights”) for each issued and outstanding Common Share. Each Right will entitle the holder to subscribe for one Common Share at a price of $0.50 per Common Share. This rights offering is part of the Co-venture financing initiative that has been previously described in Empire’s press releases dated August 28, 2017, August 31, 2017, and October 12, 2017.
Shareholders who fully exercise their Rights will be entitled to subscribe for additional Common Shares, if available, that were not subscribed for by other holders of Rights prior to the expiry time. The rights will not be listed on any stock exchange and no market is expected to develop for the rights.
The rights offering will be conducted in Canada and to Shareholders outside of Canada who are eligible under certain circumstances. Shareholders who are resident outside of Canada are requested to contact the Corporation for further details.
The rights will expire at 5:00 p.m. (Toronto time) on November 27, 2017 after which time unexercised rights will be void and of no value.
Details of the offering will be set out in the offering notice and offering circular which will be available under Empire’s profile at www.sedar.com and on Empire’s website at www.empind.com. The offering notice and accompanying rights certificate will be mailed to each Shareholder of Empire resident in Canada as at the Record Date. Registered Shareholders who wish to exercise their rights must forward the completed rights certificate, together with the applicable funds, to the rights agent, AST Trust Company (Canada), on or before the expiry time. Shareholders who own their Common Shares through an intermediary, such as a bank, trust company, securities dealer or broker, will receive materials and instructions from their intermediary.
Empire will not issue or forward rights certificates to Shareholders resident in a jurisdiction outside of Canada. The rights certificates of such Shareholders will be issued to and held on their behalf by AST Trust Company (Canada) until the expiry time, when all unclaimed Rights shall be available to fill the additional subscription privilege described in the offering circular.
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 common shares are listed on the TSX Venture Exchange under the symbol EIL.
For more information about Empire, visit empind.com or contact:
Chief Executive Officer
Phone: (416) 366-7977
Vice President – Corporate Affairs and Administration
Phone: (204) 589-9301
Neither the Exchange nor its Regulation Service Provider (as that term is defined in policies of the Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Certain statements contained in this news release constitute forward-looking statements. These statements relate to future events. All statements other than statements of historical fact are forward-looking statements. The use of the words ‘‘may”, “expects”, “believes”, “anticipates” and other words of a similar nature are intended to identify forward-looking statements. 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. Such statements include statements with respect to: (i) the closing of the Rights Offering, and that the conditions for completion of the Rights Offering, including regulatory approval, will be met. 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 represent 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.