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.