Earthworks closes $354,750 private placement
August 24, 2016
Earthworks Industries Inc. is pleased to announce that it has closed the sale, by exempt private placement, of 2,838,000 Units – for $0.125 per Unit – to provide gross proceeds to the Company of $354,750. Each Unit consists of one share of the Company and one-half or a 2-year share purchase Warrant exercisable for $0.20 per share. The Warrants are subject to forced exercise requirements if the shares of the Company trade on the TSX Venture Exchange at or above $0.40 for 20 consecutive trading days.
No cash commissions are being paid.
Participants in the placements included two of the Company’s Directors.
The shares issued as part of the Units – and any shares issued pursuant to the exercise of Warrants – will be subject to a non-trading hold period which will expire December 16, 2016.
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