Earthworks closes private placement of 4.5 million units
Earthworks Industries Inc. (the “Company”), has closed a previously announced (May 15, 2023) non-brokered Private Placement of 4,500,000 Units for a price of $0.20 per Unit to provide the Company with gross proceeds of $900,000. Each Unit consists of one common share and one share purchase warrant. Each warrant will be exercisable to purchase one additional common share at a price of $0.40 for a period of one year.
Proceeds of the placement will be applied to pay a loan fee to North Bay Corporation, continuing costs of the Company’s Cortina project and for general working capital.
Forward Looking Information:
Certain statements contained in this Release are statements of our beliefs, intentions, and expectations about the development of the Cortina Project. Such forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances and information supplied by the Company’s consultants. The risks, uncertainties and assumptions are difficult to predict and may affect operations, and may include, without limitation: equipment and labor shortages and inflationary costs; general economic conditions; changes in applicable environmental, taxation and other laws and regulations as well as how such laws and regulations are interpreted and enforced; the ability of the Company to raise the necessary funding; the effect of weather conditions on construction, operations and facilities; the existence of operating risks; and volatility of waste disposal volumes and prices.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this News Release.