Santa's stocking stuffer!!!!!!!!!!!!!!!!!!!!!Earthworks to acquire option rights from Pacific Waste
2003-12-11 17:25 ET - Acquisition
The TSX Venture Exchange has accepted for filing documentation with respect to an agreement dated No. 1, 2003, between Earthworks Industries Inc., David B. Atkinson, Cortina Integrated Waste Management Inc. (the company's wholly owned American subsidiary, CIWM), James A. Wyse, and Pacific Waste Services Inc. (PWS). The agreement provides for the buy-back from PWS of option rights earlier granted by the company to PWS allowing it to acquire an interest in CIWM or in the waste management facility being developed by the company and CIWM in Colusa county, California. The agreement also terminates a British Columbia Supreme Court action commenced earlier this year by PWS against the company and its president, David Atkinson, and of the counterclaim filed by the company.
In consideration, the company has agreed to make the following payments to PWS:
i. $150,000 (U.S.) cash in instalments;
ii. $175,000 (U.S.) to be paid in two instalments of $87,500 (U.S.) (six and 12 months after exchange acceptance). The company has the right to settle these amounts by issuing common shares of the company at a deemed price of $1.10 per share; and
iii. 500,000 common shares of the company (150,000 on exchange acceptance, the remaining 350,000 will be issued quarterly in eight equal tranches commencing seven months after exchange acceptance).
For further information, please refer to news reported in Stockwatch on Nov. 6, 2003.