Earthworks Announces Closing of Private Placement of Units for Gross Proceeds of $1.5 Million

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Last update: Nov 2, 2023

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VANCOUVER, British Columbia, Nov. 02, 2023 (GLOBE NEWSWIRE) -- Earthworks Industries Inc. (TSXV:EWK) (the “Company”) is pleased to announce that it has closed its previously announced commercially reasonable efforts private placement offering of an aggregate of 7,500,000 units (the “Units”) at a price of $0.20 per Unit (the “Issue Price”) for aggregate gross proceeds of $1,500,000 (the “Offering”). Each Unit consists of one common share in the capital of the Company (each, a “Common Share”) and one common share purchase warrant of the Company (each, a “Warrant”). Each Warrant will entitle the holder thereof to purchase one additional Common Share at a price of C$0.40, subject to adjustment in certain events, at any time until November 2, 2025.