Earthworks to do $625,000 Private Placement
April 21, 2009
Earthworks Industries Inc. (the “Company”) has undertaken private placement financing by the sale of 2,500,000 Units at $0.25 per Unit. Each Unit will consist of one common share of the Company and one 18 month share purchase warrant entitling the holder to purchase a further share of the Company for $0.50.
The Company has agreed to pay commissions or finders’ fees with respect to the funding of 7.5% - which the recipients will be entitled to elect to take in cash, Units or shares at the time of the closing.
The funding will provide the Company with gross proceeds of $625,000 and, if full commissions are paid totally in cash, net proceeds of $578,125. The funds are being raised for working capital.
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