Earthworks closes oversubscribed $522,500 private placement
Earthworks Industries Inc. (the “Company”) reports that it has closed a second tranche of its previously announced Private Placement financing. The second tranche closing of 1,775,000 Units for gross proceeds of $355,000 has resulted in an over-subscription of the previously announced $500,000.
The first tranche of 837,500 Units, which was closed on December 3, 2020, included sales to three Directors of a total of 112,500 Units. The 837,500 securities in the first tranche are subject to a hold period which will expire March 27, 2021.
The second tranche included a sale to one Director of 50,000 Units. The securities in the second tranche are subject to a hold period expiring April 9, 2021.
The 2,612,500 Units issued each consist of one share of the Company and a Warrant entitling the purchase of one additional share of the Company for $0.30 exercisable until December 3, 2022.
With respect to the Unit sales, the Company gave five “finders” cash payments totaling $18,900 and 94,500 share purchase Warrants.