Business & Finance
Business and Finance
Business and Finance
Tue, June 9, 2009
Mon, June 8, 2009 Earthworks Industries Inc.: Earthworks Closes $725,000 Private Placements
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 8, 2009) - Earthworks Industries Inc. (the "Company") (TSX VENTURE:EWK) previously announced the signing of private placement agreements for the sale of 2,900,000 Units at $0.25 per Unit. The documentation was accepted for filing by the TSX Venture Exchange and the placements were closed on June 8, 2009. The Company received $676,625 in net proceeds - after the payment of $48,375 in commissions. The Company also issued 27,563 Units to three "finders" as commissions.
Each Unit consists of one (1) share of the Company and one (1) warrant entitling the holder to purchase an additional share of the Company for $0.50 exercisable on or before December 2, 2010. All of the shares which have been issued are subject to 4-month holding periods expiring October 2, 2009. Any shares that are issued pursuant to the exercise of warrants before October 2, 2009 will be subject to a hold period expiring on that date.
EARTHWORKS INDUSTRIES INC.
David B. Atkinson, President & CEO
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.
