Earthworks Industries Inc. (“Company”) is pleased to announce that it has received approval for – and has closed – the sale, by exempt private placement, of 8,500,000 Units – for $0.05 per Unit – to provide gross proceeds to the Company of $425,000. Each Unit consists of one share of the Company and one-half of a one-year share purchase Warrant exercisable until May 15, 2020. The 4,250,000 Warrants are exercisable for $0.10 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 $0.20 for 20 consecutive trading days.
Cash commissions of $9,300 are being paid.
Participants in the placement include three of the Company’s Directors and the family Company of the fourth Director.
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 September 14, 2019.