Earthworks Industries Inc. (the “Company”) in a News Release dated April 9, 2019, announced that it had initiated non-brokered private placement sales of 7,500,000 units at $0.05 per unit. However, the Company has secured subscriptions for 8,500,000 Units which, on closing, will provide the Company with gross proceeds of $425,000.
Each unit will consist of one common share of the Company and one half share purchase warrant. A whole warrant will be exercisable to purchase one additional share of the Company at $0.10 for a period of one year with a forced exercise should the Company’s share price close at or above $0.20 for 20 consecutive trading days.
The placements are subject to acceptance for filing by the TSX Venture Exchange.