Empire To Dispose of Non-Core Assets
WINNIPEG – February 24, 2021 – Empire Industries Ltd. (TSX-V: EIL, OTC:ERILF) (“Empire”, “EIL”, “us”, “our”, “we” or the “Company”) is pleased to announce that, subject to the approval of the TSX Venture Exchange (“TSX-V”), the Company has entered into agreements with 10 arm’s-length purchasers to sell an aggregate of 12,538,595 common shares (the “Shares”) in the capital of Tornado Global Hydrovacs Ltd. (TSXV:TGH) (“Tornado”) at an average price of $0.168 per Share for aggregate gross proceeds of CAD $2,107,942.50 (the “Transaction”). The Company intends to close the Transaction as soon as possible and use the net proceeds of the Transaction for general working capital purposes.