TSX Venture Exchange: EPM
Shares Issued and Outstanding: 8,465,933
HALIFAX, April 6 /CNW/ - Empire Capital Corp. (TSXV:EPM) ("Empire
Capital" or the "Company") is pleased to announce a private placement
to raise up to $2 million through the issuance of 1,500,000 units
("Units") at a price of $1.00 per Unit for gross proceeds of
$1,500,000, and 400,000 flow-through shares at a price of $1.25 per
share for gross proceeds of $500,000 (collectively, the "Offering"),
subject to regulatory approval and closing.
Each Unit will consist of one common share (a "Common Share") and
one-half (½) of one Common Share purchase warrant (a "Warrant"). Each
whole Warrant will entitle the holder to acquire one additional Common
Share at a price of $1.50 for a period of 24 months from the date of
issuance. If the closing share price of the common shares on the TSX
Venture Exchange is greater than $2.50 per common share for a period of
20 consecutive trading days at any time following the issuance of the
Warrants, the Company may accelerate the expiry date of the Warrants by
issuing a press release announcing the reduced warrant term whereupon
the Warrants will expire on the 30th calendar day after the date of the press release.
The Company intends to use the net proceeds of the Offering for mineral
exploration and working capital purposes. The securities issued
pursuant to the Offering will be subject to a four-month and one day
statutory hold period. In connection with the Offering, certain
eligible finders will receive a commission.
Empire Capital Corp. is a junior explorer focused on gold. Our model is
find targets that have the potential for multi-million ounce deposits
and to that end the company has been reviewing opportunities in Canada,
USA, Africa and South America.
This news release contains forward-looking statements which include
statements regarding the Corporation's future plans, as well as
statements regarding financial and business prospects and the
Corporation's future plans, objectives or economic performance and
financial outlooks. The Corporation believes that the expectations
reflected in this news release are reasonable but actual results may be
affected by a variety of variables and may be materially different from
the results or events predicted in the forward-looking statements.
Readers are therefore cautioned not to place undue reliance on these
There can be no assurance that the exploration program will identify any
priority targets. The actual results and future events could differ
materially from those anticipated in this news release. The time frames
identified to work programs and other activities may vary significantly
from actual completion of the proposed work programs.
In evaluating forward-looking statements readers should consider the
risk factors which could cause actual results or events to differ
materially from those indicated by such forward-looking statements.
These forward-looking statements are made as of the date hereof, and
unless otherwise required by applicable securities laws, the
Corporation does not intend nor does it undertake any obligation to
update or revise any forward-looking statements.
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 of accuracy of this release.
CAUTIONARY STATEMENT: Neither the TSXV nor its Regulation Services
Provider (as that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this news release. This
news release contains certain forward-looking statements which are
based on the opinions and estimates of management at the date the statements are made, and are subject to a variety
of risks and uncertainties and other factors that could cause actual
events or results to differ materially from those projected. Empire
Capital does not undertake any obligation to update forward-looking
statements if circumstances or management's estimates or opinions
should change. The reader is cautioned not to place undue reliance on
SOURCE Empire Capital Corp.
For further information:
CEO and President
408 - 1550 Bedford Highway,
Bedford, NS, B4A 1E6
Tel: (902) 405-3520