Earthworks Financing - Cortina Update
EARTHWORKS FINANCING - CORTINA
UPDATE
TSX-V: EWK
OTCQB: EAATF
VANCOUVER
, BC
,
April 1, 2025
/CNW/ - Earthworks Industries, Inc. (the "Company") has initiated
a non-brokered private placement sale 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 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 20 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 Company's annual audit,
sustaining fees for both the TSXV and U.S. OTCQB, environmental insurance for Cortina, overhead,
current expenses and on-going legal costs for defending the legal status and enforceability of the
Cortina lease.
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
.
Management also wishes to take this opportunity to comment on the Annual Audited Financial
Statements that were recently filed.
International Financial Reporting Standards (IFRS) require that assets must be shown on the
Balance Sheet at their carrying value. Circumstances can occur where the underlying value is
affected or impaired by events. The recent purported cancellation of CIWM's lease by the Interior
Board of Indian Affairs was one such event. In the past, CIWM has appealed such terminations,
which maintained the lease in good standing. Because CIWM chose to elevate the current
termination to federal district court instead of filing for reconsideration by the IBIA, which keeps the
lease in good standing pending final decision by IBIA, the lease is not in good standing at this time.
This circumstance triggered accounting rules on impairment of assets and an impairment had to be
taken to comply with IFRS rules. This however, in no way changes management's confidence and
determination, and we continue to look forward to achieving successful resolution, either through
settlement, or through the Court's granting our motion, thereby restoring our lease.
Our Cortina project is intended to be the blueprint for future opportunities in the waste handling and
recycling space and the Company will continue to pursue future developments on both tribal and
private land with the highest environmental standards in the industry.
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.
SOURCE
Earthworks Industries Inc.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/April2025/01/c7989.html
%SEDAR: 00008386E
For further information:
For further information, contact: Earthworks Industries Inc., David
Atkinson, President/CEO, 604-669-3143
CO: Earthworks Industries Inc.
CNW 09:00e 01-APR-25