Supplemental information with respect to Earthworks’ amended options
Earthworks Industries Inc. (the “Company”) in a News Release dated July 5, 2019, advised that it had revised 4,440,000 previously issued options, exercisable at prices between $0.15 and $0.25 per share so that all of the previously existing options will now be exercisable at $0.10 per share on or before June 30, 2022. The exercise dates of the previously granted options had expiry dates ranging from November 30, 2019 to January 8, 2023.
4,340,000 of the amended options are held by Insiders of the Company and pursuant to Exchange rules cannot have their exercise prices reduced without disinterested shareholder approval. They will accordingly not be exercisable until such disinterested shareholder approval is granted – which will be proposed to the Company’s 2020 AGM.