WINNIPEG, Wednesday, December 7, 2011 – Empire Industries Ltd. (“Empire” or the “Company”) (TSX-V: EIL) today announced that it intends to complete a non-brokered private placement of Units. The Company will issue up to 20,000,000 Units at a price of $0.05 per Unit for gross proceeds of up to $1,000,000 with each Unit consisting of one common share and one-half of one warrant. Each whole warrant will entitle the holder to purchase one additional common share at a price of $0.10 per share for a period of two (2) years from the date of closing of the Private Placement. The Company advises that Insiders have subscribed for 100% of the private placement. All securities issued pursuant to the Private Placement will be subject to a four month hold pursuant to applicable securities legislation. The Company anticipates closing the Private Placement tomorrow and is subject to usual closing conditions including obtaining required regulatory approvals.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The offered securities mentioned in this news release will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.