TSX-V: EWK
VANCOUVER, BC, April 12,
2024 /CNW/ - Earthworks Industries Inc. (the
"Company") in a News Release dated April 10,
2024, disclosed that it had exercised its option to extend from
April 15, 2024, to
November 15, 2024, the deadline for the payment
to North Bay ("North Bay") of
$US 2,150,000 (the "Buy-Out Amount"), plus
approximately $US 300,000 in accrued interest
– inadvertently erroneously stated to be
$US 100,000.
The Company and North Bay have
now signed an Amendment Agreement dated April 10, 2024, amending their Settlement
Agreement to provide that:
1.
US$ 500,000 of the Buy-Out Amount
will be settled by the issuance by the Company to North Bay of 2,887,600
Units – which will be at a deemed value of
$Cdn 0.235 per Unit –
total Cdn $678,600; each Unit consisting of one fully paid
voting common share in the capital of the Company and a share
purchase Warrant – each Warrant being exercisable
until October 30, 2025, to purchase 1
fully paid voting common share of the Company for
$Cdn 0.40.
2.
As a result of the settlement of $US 500,000 as
described above, the Buy-Out Amount is reduced to
$US 1,650,000 - which will be payable not later
than November 15, 2024.
3.
As required by the Settlement Agreement, interest will continue to
accrue at 10.0% per annum calculated on a base figure of
$US 6,000,000 and all of the interest which has
accrued will also be paid on or before November 15, 2024.
4.
The Amendment Agreement is subject to acceptance for filing by the
TSX Venture Exchange.
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.
SOURCE Earthworks Industries Inc.