Earthworks closes $225,500 first tranche of financing
May 11, 2012
Earthworks Industries Inc. (the “Company”) is pleased to announce that it has completed a first closing of non-brokered private placements of 751,666 Units at $0.30 per Unit from which the Company realized gross proceeds of $225,500.
The private placement financing was described in the Company’s News Release dated April 19, 2012.
Each Unit consists of 1 share of the Company and one-half of a share purchase warrant. One full share purchase warrant will be exercisable until May 8, 2014 to purchase one additional share of the Company for $0.45 per share.
As part of the closing of the first tranche, the Company paid cash commissions to Canaccord Genuity Corp. ($9,450) and Mackie Research Capital ($787.50), amounts equal to 7.5% of the proceeds received.
The shares which were issued as part of the Units have a hold period which will expire September 9, 2012.
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