Earthworks closes private placement of 2.5 million units
Earthworks Industries Inc. (the “Company”), has closed a non-brokered Private Placement of 2,500,000 Units for a price of $0.20 per Unit, each Unit consisted of one common share and one share purchase warrant. Each warrant is exercisable to purchase one additional common share at a price of $0.30 for a period of two years, expiring September 21, 2024. The placements were originally announced in a News Release dated August 26, 2022.
The Company received from the Placements gross proceeds of $500,000 and net proceeds after payment of commissions of $485,720.00. The Company paid $14,280.00 in cash and issued 71,400 broker warrants to finders who introduced accredited investors to the offering. All shares included in the Units and any shares issued as a result of exercise of the warrants will be subject to a non-trading period expiring January 22, 2023.
Proceeds of the placement will be applied to pay continuing costs of the Company’s Cortina project and for general working capital.