Earthworks Closes Fully Subscribed $500,000 Private Placement - Cortina Update
EARTHWORKS CLOSES FULLY
SUBSCRIBED $500,000 PRIVATE
PLACEMENT - CORTINA UPDATE
TSX-V: EWK
OTCQB: EAATF
VANCOUVER, BC
,
Jan. 23, 2025
/CNW/ - Earthworks Industries Inc. (the "Company") is pleased to
report that is has now closed its
$500,000
non-brokered Private Placement announced in a news
release dated
November 27, 2024
. The Company initiated the sale of up to 10 million Units at
$0.05
per unit with a Warrant entitling the purchase of one additional share of the Company for
$0.10
,
exercisable for 2 years.
The second tranche closing is 5,900,000 Units for gross proceeds of
$295,000
. On
December 19,
2024
, a first tranche was announced to close 4,100,000 units for gross proceeds of
$205,000
.
The Placement includes sales to three Directors of a total of 3,450,000 Units.
With respect to the Unit sales, the Company will pay finders fees or commissions of 8% cash with
respect to some of the placements totaling
$13,600
.
The placements are subject to acceptance for filing by the TSX Venture Exchange.
Cortina Update
As previously disclosed the Company has filed a Complaint with the U.S. District Court of the
Eastern District of
California
, against the United States Department of the Interior challenging the
Bureau of Indian Affairs ("BIA") unlawful cancellation of the Lease held by its wholly owned U.S.
subsidiary, Cortina Integrated Waste Management Inc. (CIWM). We are currently seeking judicial
relief and reinstatement of our long-standing lease. The current legal process is expected to prove
more expedient than alternative legal remedies while allowing for a timely resolution to this matter.
The Company also wishes to thank our shareholders for their ongoing support during this challenging
period, but we remain confident the Cortina Lease will be reinstated. Furthermore, as we advance
the Company, we believe our current strategy and framework will allow for similar developments in
the future as we continue to be presented with tremendous opportunities in the waste industry for
proper handling practices and locations that align with the highest of standards from an
environmental perspective.
Forward Looking Statements
:
The 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 at 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 a result of 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 the 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.
SOURCE
Earthworks Industries Inc.
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For further information:
For further information, contact: Earthworks Industries Inc., 604-669-3143
CO: Earthworks Industries Inc.
CNW 09:00e 23-JAN-25