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EGN Engineering.Com Incorporated

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Share Name Share Symbol Market Type
Engineering.Com Incorporated TSXV:EGN TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

ENGINEERING.com Incorporated Announces Closing of Non-Brokered Private Placement

15/08/2011 5:25pm

Marketwired Canada


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.


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