Earthworks initiates private placement offering of 2.5 million units
Earthworks Industries Inc. (the “Company) is undertaking non-brokered private placement sales of 2.5 million units at $0.20 per unit to provide the company with gross proceeds of $500,000. 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 above $0.45 for 20 consecutive 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.
With the updated design and subsequent submission of the Site Specific Flexibility Requests (SSFRs) for the development at Cortina now complete, based on an alternate landfill cover requested by the Kletsel Environmental Regulatory Authority (KERA), the Company will now be moving forward with all remaining tasks.
Despite the delays caused due to these unusually trying times with Covid and climate issues everywhere the Company was finally able to complete this critical step. The Company is now able to assess more detailed time lines for final permitting of the facility. This is now underway. Existing permit applications related to air and water which were previously moved along as far as possible will now be updated as well as other permits. Updating costs for construction as well as updated financial models will be based on current industry pricing. Management expects to have updated schedules and budgets prepared in the coming months.
Mr. David Atkinson commented, “We are extremely excited at the prospects of moving forward at this time and continuing to work in collaboration with both KERA and U.S. EPA in bringing Cortina to fruition. The recent SSFR submission provided by SCS Engineers truly puts us on the cusp of exactly what we envisioned all those years ago when we first looked at this type of development. Cortina will be a precedent for future developments of this nature, by specifically serving the needs of the community and offering proven new technologies to achieve our zero-waste objectives.”
The private placements are subject to final documentation and acceptance for filing by the TSX Venture Exchange.