Earthworks initiates private placement offering of 2.5 million units
Earthworks Industries Inc. (“Company”) is undertaking non-brokered private placement sales of 2,500,000 units at $0.10 per unit to provide the Company with gross proceeds of $250,000. Each unit will consist of one share of the Company and one-half of a share purchase warrant. A whole warrant will be exercisable to purchase one additional share of the Company for $0.15 for one year; with a forced exercise should the Company’s share price close at or above $0.30 for 20 consecutive trading days. Fees will be paid for the placements secured for the Company by qualified agents.
Funds raised from the placement will be used to pay accounts payable, to pay on-going 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.