Earthworks Industries Inc. - NORTH BAY UPDATE
Earthworks Industries Inc. - NORTH BAY
UPDATE
TSX-V: EWK
OTCQB: EAATF
VANCOUVER, BC
,
Nov. 20, 2025
/CNW/ - Earthworks Industries Inc. (the "Company") has, in
earlier news releases, detailed the Agreement with North Bay Corporation (
North Bay
) as amended
October 28, 2024
, to settle the Company's previously existing debt to
North Bay
by the payment of
$U.S. 2,150,000 together with accrued interest on or before
November 15, 2025
. Interest at a rate
of 10% per annum has continued to be payable to
North Bay
on a base figure of $U.S. 6,000,000 for
the period from
October 15, 2023
.
Any failure by the Company to make the payments under the option exercise will be deemed a
breach of the Amended Agreement, pursuant to which share certificates representing 100%
ownership of the Company's wholly owned subsidiary, Cortina Integrated Waste Management Inc.
(CIWM) were transferred into an escrow account for security for the loan, and those share
certificates will be irrevocably transferred to
North Bay
.
In an agreement dated
November 14, 2025
,
North Bay
and the Company have agreed that
North
Bay
will waive the transfer to it of the shares held in escrow. The remaining payments by
Earthworks of debt, plus interest, will no longer be payable.
North Bay
will convert the debt
forgiveness into 10% of the common shares of Earthworks and have the option to acquire up to 10%
of any future financings by Earthworks.
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/November2025/20/c1847.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 20-NOV-25