The nr before the big NR? News Release
November 1, 2012
EARTHWORKS COMPLETES $300,000 PRIVATE PLACEMENT FINANCING AND
EXTENDS EXERCISE DEADLINE OF OUTSTANDING WARRANTS
Earthworks Industries Inc. (“Earthworks”) is pleased to advise that it has completed private placement sales of 1,500,000 Units at $0.20 per Unit – for which it has received gross proceeds of $300,000. Each Unit consists of one share of Earthworks and one-half of a share purchase warrant. A whole warrant will be exercisable to purchase one additional share of Earthworks at $0.40 for two years expiring October 31, 2014. The shares included in the Units, and any shares that are purchased pursuant to the exercise of the warrants, are subject to a 4-month hold period which will expire March 1, 2013. Earthworks has paid cash commissions with respect to certain of the sales totaling $16,250. The proposed private placement was disclosed by Earthworks in a Press Release dated September 7, 2012.
Earthworks also confirms that the exercise deadline of 1,535,000 outstanding share purchase warrants has been extended. The deadline for the exercise of the warrants was previously October 31, 2012. The exercise deadline has been extended to May 1, 2013. Each warrant is exercisable to purchase one share of the Company for $0.50. The proposal to extend the warrants was originally disclosed in the Company’s Press Release dated October 19, 2012.
For further information, contact:
Earthworks Industries Inc.
David Atkinson
President/CEO
604-669-3143