Progress report and new $125,000 private placement financing
November 30, 2016
Earthworks Industries Inc. wishes to update its progress on its proposed integrated waste management facility Project in California, through its wholly-owned subsidiary Cortina Integrated Waste Management Inc. (CIWM).
The Company’s Cortina Project engineers, SCS Engineers, have prepared an updated scope of work and timeline for the development. CIWM is now fully prepared to resume the regulatory approval process and other development activities.
Because the Cortina Lease is on property owned by the United States in trust for the Cortina Indian Band, CIWM has now contacted the relevant federal agencies directly seeking their assistance with a collaborative approach to allow CIWM to proceed to exercise its leasehold rights. CIWM has requested the Environmental Protection Agency (EPA) to release to SCS Engineers all documents that reflect EPA’s evaluation of all prior submissions by CIWM to it. And we have requested that the Bureau of Indian Affairs to schedule meetings of all interested parties including the Band, EPA, SCS Engineers and CIWM.
The Company is undertaking a Private Placement of 1 million Units at $0.125, with a half-warrant at $0.20 for proceeds of $125,000 to cover the Company’s and CIWM on-going costs. Mr. David Atkinson commented “We would like to thank North Bay for waiving, on a one time only basis, its 50% share of the funding received from the new placement, allowing us to retain all the proceeds from the new placement. North Bay also agreed to extend the Company’s US$2.25 million buy-out option from the end of November 2016 to March 2017.”
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