Earthworks private placement over-subscribed by 38,000 units
August 8, 2016
Earthworks Industries Inc. announced in a News Release dated June 13, 2016, that it was undertaking private placement sales of 2.8 million Units. The Company has now signed Subscription Agreements providing for the sale of 2,838,000 Units - at $0.125 cents per Unit – which will provide the Company with gross proceeds of $354,750.
Each Unit will consist of one share of the Company and one-half of a share purchase warrant. A whole warrant will be exercisable to purchase one additional share of the Company for $0.20 for two years with a forced exercise should the Company’s share price close at or above $0.40 for 20 consecutive trading days.
The placements are subject to final documentation and acceptance for filing by the TSX Venture Exchange.
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