ENGINEERING.com Incorporated Announces Closing of Non-Brokered Private Placement
16 August 2011 - 2:25AM
Marketwired
ENGINEERING.com Incorporated (TSX VENTURE: EGN), developer of the
ENGINEERING.com online resource for engineers, is announcing the
closing of a non-brokered private placement of 7,000,000 common
shares at a subscription price of $0.05 per common share, for gross
proceeds of $350,000, as previously announced on August 4, 2011.
The proceeds of the private placement will be used to address
the Company's working capital shortfall and to expand its online
content offering.
As previously announced on August 4, 2011, the Company confirms
that insiders of the Company subscribed for greater than 25% of the
private placement. John Hayes, President of the Company, subscribed
for 2,000,000 common shares of the Company. Including the common
shares he subscribed for in the private placement, Mr. Hayes
presently owns or controls 2,365,000 common shares of the Company.
Randvest Inc. ("Randvest"), a company controlled by Frank
Baldesarra, CEO, Secretary, Treasurer and a director of the
Company, and also a control person of the Company, subscribed for
4,040,000 common shares of the Company, representing 9.2% of the
Company's issued and outstanding shares on closing. Including the
common shares Randvest subscribed for in the private placement,
Frank Baldesarra presently owns or controls 22,930,761 common
shares of the Company, representing 52.3% of the Company's issued
and outstanding common shares. As a result of the subscription for
common shares by Randvest, Ron Baldesarra, a director of the
Company and a 40% shareholder of Randvest, acquired beneficial
ownership, but not control over the common shares subscribed for by
Randvest. Including 40% of the common shares Randvest subscribed
for in the private placement, Ron Baldesarra presently beneficially
owns 1,616,000 common shares of the Company, and owns or controls a
further 3,204,500 common shares of the Company, representing in the
aggregate 11% of the Company's issued and outstanding common
shares. Neither Frank Baldesarra nor Ron Baldesarra have a future
intention to acquire ownership of, or control over, additional
securities of the Company. The private placement did not result in
the creation of any new insiders or control persons, and the common
shares were issued under applicable prospectus and registration
exemptions to investors in Ontario. 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.
Final acceptance of the private placement has been granted by
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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