ENGINEERING.com Incorporated Announces Non-Brokered Private Placement
August 04 2011 - 11:03AM
Marketwired
ENGINEERING.com Incorporated (TSX VENTURE: EGN), developer of the
ENGINEERING.com online resource for engineers today announced that
it intends to conduct a non-brokered private placement of up to
7,000,000 common shares at a subscription price of $0.05 per common
share, for gross proceeds of up to $350,000.
The proceeds of the private placement will be used to address
the Company's working capital shortfall and to expand its online
content offering.
In accordance with the Rules of the TSX Venture Exchange, the
Company announces that insiders of the Company will be subscribing
for greater than 25% of the private placement. John Hayes,
President of the Company, intends to subscribe for up to 2,000,000
common shares of the Company. Excluding the common shares he
intends to subscribe for in the private placement, Mr. Hayes
presently owns or controls 365,000 common shares of the Company.
Frank Baldesarra, CEO, Secretary, Treasurer and a director of the
Company, and also a control person of the Company, intends to
subscribe for up to 4,000,000 common shares of the Company.
Excluding the common shares he intends to subscribe for in the
private placement, Mr. Baldesarra presently owns or controls
18,890,761, common shares of the Company. The private placement is
not anticipated to result in the creation of any new insiders or
control persons. There will be no finder's fees, commissions or
warrants paid or issued in connection with this private
placement.
The common shares will be subject to a four-month hold period
from the date of issuance in accordance with the policies of the
TSX Venture Exchange and applicable securities legislation.
The private placement remains subject to standard filing
requirements and the receipt of approval from the TSX Venture
Exchange.
About ENGINEERING.com Incorporated
ENGINEERING.com Incorporated (TSX VENTURE: EGN) is the
developer-owner of the www.ENGINEERING.com Web site and business.
ENGINEERING.com offers marketing services to manufacturers, design
consultants and engineering academia around the world. The
ENGINEERING.com Incorporated head office is located in Mississauga,
Ontario, Canada and can be reached toll-free at 1-877-997-9917, by
facsimile at 905-273-6691 or through the Internet at
www.ENGINEERING.com.
The TSX Venture Exchange Inc. has not reviewed and does not
accept responsibility for the adequacy or accuracy of this
release.
Contacts: ENGINEERING.com, Inc. John Hayes President & CFO
905-273-9991, ext. 3280 or Toll Free: 1-877-997-9917 905-273-6691
(FAX) jhayes@engineering.com www.engineering.com
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