Empire to Re-Acquire 100% Ownership of Dynamic Entertainment Group Ltd.
Empire is pleased to announce that it has entered into a Purchase and Sale Agreement to re-acquire 100% ownership of its subsidiary (the “Acquisition”), Dynamic Entertainment Group Ltd. (“DEGL”). Empire will purchase the remaining 26.5% of DEGL’s outstanding shares from Jolly Admire Limited (“Vendor”) for $3,810,000 by the issuance of 381,000 convertible preferred shares in the capital of Company (the “Preferred Shares”), which Preferred Shares will have a redemption value of $10, accrue dividends at 8% per annum and are convertible into common shares of the Company at $0.45 per common share for a period of 36 months from the date of issue and thereafter for $0.75 per common share until 60 months from the date of issue.