Qi Guang Investment (HK) Limited

December 08, 2011 16:38 ET

Qi Guang Investment (HK) Limited Announces Holdings of Empire Industries Ltd.

WINNIPEG, MANITOBA--(Marketwire - Dec. 8, 2011) - This announcement relates to the holdings of Qi Guang Investment (HK) Limited (the "Investor") in Empire Industries Ltd. (TSX VENTURE:EIL) ("Empire").

On December 8, 2011, the Investor, a company controlled by Qiguang Qiu ("Qiu"), acquired (the "Transaction") ownership and control of 16,000,000 Units of Empire pursuant to the closing of a non-brokered private placement of 20,000,000 Units. Each Unit purchased by the Investor consisted of one (1) common share of Empire (each a "Common Share") and one-half of one (0.5) common share purchase warrant (each whole common share purchase warrant a "Warrant"). Each whole Warrant is exercisable into one (1) Common Share of Empire. Accordingly, as a result of the purchase of the Units, the Investor acquired 16,000,000 Common Shares representing 8.3% of the issued and outstanding Common Shares of Empire and 8,000,000 Warrants.

The Investor acquired the above noted Units for investment purposes and the Investor may, depending on market and other conditions, increase its beneficial ownership, control or direction over the Common Shares, Warrants or other securities of Empire, through market transactions, private agreements, treasury issuances, exercise of Warrants or otherwise.

Prior to the Transaction, the Investor owned and controlled an aggregate of 9,000,000 Common Shares and 4,500,000 warrants ("Prior Warrants") representing approximately 5.2% of the outstanding Common Shares or 7.2% assuming exercise of all Prior Warrants.

Immediately after the Transaction, the Investor, owns or controls an aggregate of 25,000,000 Common Shares representing approximately 12.9% of the issued and outstanding Common Shares of Empire. Assuming the exercise of the Warrants and the Prior Warrants, the Investor would have ownership or control over 37,500,000 Common Shares of Empire (approximately 18.2% of the issued and outstanding Common Shares of Empire).

The Investor will be filing a report under National Instrument 62-103 - The Early Warning System of the Canadian Securities Administrators in connection with the Transaction.

Neither 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 or accuracy of this release.

Contact Information

  • For further information and to obtain a copy of such report:
    Qi Guang Investment (HK) Limited
    86-769-8673 6888
    Room 401, 4/F, Connaught Comm Bldg.
    185 Wancai Road
    Wancai, Hong Kong