Earthworks closes $162,500 private placement/Cortina Project Update
December 16, 2016
Earthworks Industries Inc. is pleased to announce that it has closed private placement sale of 1,300,000 Units at a price of $0.125 per Unit – from which Earthworks is receiving 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 until December 15, 2018, with a forced exercise should the Company’s share price on the TSX Venture Exchange close at or above $0.40 for 20 consecutive trading days.
The shares issued as part of the Units – and any shares issued pursuant to the exercise of the warrants – will be subject to a non-trading hold period which will expire April 16, 2017.
Earthworks further reports that its Cortina project team met with the U.S. Environmental Protection Agency (EPA) earlier this month. It was a very productive meeting with representatives from the Land, Air and Zero Waste Divisions. They agreed to provide the documents we requested and work with us on the Cortina project as we proceed. They are currently doing a final review of the documents and expect to provide them to us within the next two weeks. EPA also advised us that they were working with the Bureau of Indian Affairs and the Cortina Band to set up a meeting in early January to get the process moving again.
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