Mr. David Atkinson reports
EARTHWORKS UNDERTAKES PRIVATE PLACEMENT OF 4.5 MILLION UNITS
Earthworks Industries Inc. has undertaken the non-brokered private placement of 4.5 million units for a price of 20 cents per unit to provide the company with gross proceeds of $900,000. Each unit will consist of one common share and one share purchase warrant. Each warrant will be exercisable to purchase one additional common share at a price of 40 cents for a period of one year.
Proceeds of the placement will be applied to pay a loan fee to North Bay Corp., continuing costs of the company's Cortina project and for general working capital.
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