Earthworks initiates private placement offering of 1.25m units
Earthworks Industries Inc. (the “Company”) is undertaking non-brokered private placement sales of 1.25 million units at $0.20 per unit to provide the company with gross proceeds of $250,000. Each unit will consist of one share of the company and one share purchase warrant. A warrant will be exercisable to purchase one additional share of the company for $0.30 for two years, with a forced exercise should the company’s share price close at or above $0.45 for 20 consecutive trading days. Fees will be paid for the placements secured by qualified agents for the company.
Funds raised from the placement will be used to pay accounts payable, to pay continuing costs of the company’s Cortina project and general working capital.
The placements are subject to final documentation and acceptance for filing by the TSX Venture Exchange.