Earthworks increases private placement to $162,500
December 9, 2016
Earthworks Industries Inc. has signed private placement agreements for the sale of 1.3 million units at $0.125 cents per unit to provide the Company with gross proceeds of $162,500. 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 Company announced in a release on November 29, 2016, that it was undertaking sales of one million units which would have provided gross proceeds of $125,000.
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