TORONTO, ONTARIO — (Marketwire) — 08/04/11 — 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 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 .
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)
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