TSX-V: EWK
OTCQB: EAATF
/NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES AND NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES./
VANCOUVER, BC, Nov. 27, 2024 /CNW/ - Earthworks Industries Inc. (the "Company") has initiated a non-brokered private placement sale of up to 10,000,000 units at $0.05 per unit to provide the Company with gross proceeds of up to $500,000. Each unit will consist of one common share of the Company and one share purchase warrant. Each warrant will be exercisable to purchase one additional share of the Company at $0.10 for a period of two years with a forced exercise should the Company's share price close at or above $0.20 for 20 consecutive trading days. The Company anticipates paying finder's fees or commissions with respect to some of the placements.
The placements are subject to completion of final documentation and acceptance for filing by the TSX Venture Exchange.
All securities issued as part of the placement will be subject to a hold period in Canada of four months and one day from the closing.
The funds are being raised for operating capital and to pay for the on-going costs of the Company's legal challenge to the recent order from the United States Department of the Interior, Interior Board of Indian Appeals (IBIA), affirming cancellation of the federally approved lease between the Company's wholly owned subsidiary, Cortina Integrated Waste Management Inc. (CIWM) and the Kletsel Dehe Wintun Nation of the Cortina Rancheria, California.
The Company's U.S. attorneys filed a Complaint on October 31, 2024, in the U.S. District Court for the Eastern District of California challenging the IBIA order cancelling the Lease. The Complaint requests the Court to enter a judgement for the Company: 1) declaring the IBIA decision violates the Administrative Procedures Act; 2) issuing preliminary and permanent injunctive relief to vacate and set aside the IBIA decision affirming the BIA's termination of the Lease; 3) to fully reinstate the Lease; and 4) to grant such other relief as the Court deems just and proper.
Management will be issuing further updates as the Company proceeds.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this News Release.
The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for the sale of securities, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as a financial statements.
SOURCE Earthworks Industries Inc.
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