Earthworks Industries Inc. (the “Company”) has initiated a non-brokered private placement sale of 5,000,000 units at $0.06 per unit to provide the Company with gross proceeds of $300,000. Each unit will consist of one common share of the Company and one share purchase warrant. Each warrant will be exercisable to purchase one additional share of the Company at $0.10 for a period of two years with a forced exercise should the Company’s share price close at or above $0.20 for 10 consecutive trading days. The Company anticipates paying commissions with respect to some of the placements.
Proceeds from the placements will be used to pay the costs of the current expenses and on-going legal costs for defending the legal status and enforceability of the Cortina lease and working capital.
The Company’s wholly owned U.S. subsidiary, Cortina Integrated Waste Management Inc., (CIWM) continues to move forward in the U.S District Court for the Eastern District of California, challenging the Order of the U.S. Department of the Interior’s, Interior Board of Indian Appeals (IBIA), which purports to cancel the federally approved lease between CIWM and the Kletsel Dehe Wintun Nation of the Cortina Rancheria, California.
For further information, contact:
Earthworks Industries Inc.
David Atkinson
President/CEO
604-669-3143
Forward Looking Statements:
This news release contains “forward-looking information” and “forward-looking statements” (collectively ‘forward-looking statements”) within the meaning of the applicable Canadian securities regulations. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as of the date of this news release. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objective assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company or CIWM to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the “Risks and Uncertainties Statement” attached to this news release. Forward- looking statements contained herein are made as of the date of this News Release. The Company will update these forward-looking statement and Risks and Uncertainties as required to reflect new information, results, future events, circumstances, or if management’s estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on our forward-looking statements.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this News Release.