Earthworks Industries Inc. (the “Company”) has initiated non-brokered private placement sales of 7,500,000 units at $0.05 per unit to provide the Company with gross proceeds of $375,000. 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 Company anticipates paying commissions with respect to some of the placements.
The placements are subject to final documentation and acceptance for filing by the TSX Venture Exchange.
The funds are being raised for operating capital and pay the on-going costs for the Company’s Cortina integrated waste management project in Colusa County, California.