VANCOUVER, British Columbia, June 12, 2018 (GLOBE NEWSWIRE) -- On June 12, 2018, Canada Zhoufa Agricultural Holding Company Limited (“Canada Zhoufa”) of 6625 - 8181 Cambie Road, Richmond, BC V6X 3X9 acquired 6,300,000 common shares (“Common Shares”) of Empire Industries Ltd. (“Empire” or the “Company”) pursuant to the exercise of 6,300,000 Common Share purchase warrants (each a “Warrant” and together the “Warrants”) at a exercise price of $0.272 per Common Share for aggregate consideration of approximately CDN$1.7 million (the “Transaction”).
Prior to the Transaction, Canada Zhoufa owned or controlled 11,342,875 Common Shares of Empire, representing 13.2% of the issued and outstanding Common Shares of Empire. Upon completion of the Transaction, Canada Zhoufa has ownership or control over an aggregate of 17,642,875 Common Shares, representing 19.2% of the issued and outstanding Common Shares of Empire.
The Common Shares of Empire have been acquired for investment purposes. All Common Shares acquired and/or owned or controlled by Canada Zhoufa were acquired for investment purposes. In accordance with applicable securities laws, Canada Zhoufa may, from time to time and at any time, directly or otherwise, acquire additional Common Shares of Empire and reserves the right to dispose of any or all of the Common Shares of Empire in accordance with applicable securities laws depending on market conditions, the business and prospects of Empire and other relevant factors.
About Canada Zhoufa
Canada Zhoufa is an investment holding company of Junliang Xie.
For more information about Canada Zhoufa please contact:
Junliang Xie
Director
Phone: 604 821 6383
Email: info.canadazhoufa@gmail.com
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.