Earthworks Industries Inc. (the “Company”), has entered into an Agreement with North Bay Corporation and Cortina Landfill Company (together “NB/CLC”) providing for the settlement of the $US300,000 installment payment due March 31, 2018. The Company will pay to NB/CLC $US175,000 in cash and settle the remaining $US125,000 by the issuance to North Bay of 921,500 shares of the Company.
The Company is extremely pleased with the Agreement that it has signed with NB/CLC as it not only preserves a major amount of the Company’s cash reserves but also increases North Bay’s share position in the Company. We anticipate that we will have significant NB/CLC support in the future and in particular, with respect to 4,190,000 shares of the Company and with the additional shares being issued to it, will have a significant stake in the Company.
The Agreement is subject to acceptance for filing with the Exchange.