EARTHWORKS FINANCING - CORTINA UPDATE

About this update from Earthworks Industries Inc

[{"type":"text","content":"\n\n\n\n EARTHWORKS FINANCING - CORTINA UPDATE\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntal{\nTEXT-ALIGN: LEFT\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n\n TSX-V: EWK\n \n\n\n\n\n OTCQB: EAATF\n \n\n\n\n\n\n VANCOUVER\n \n , BC\n \n ,\n \n\n April 1, 2025\n \n\n /CNW/ - Earthworks Industries, Inc. (the \"Company\") has initiated a non-brokered private placement sale of 7,500,000 units at\n \n $0.05\n \n per unit to provide the Company with gross proceeds of\n \n $375,000\n \n . 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\n \n $0.10\n \n for a period of two years with a forced exercise should the Company's share price close at or above\n \n $0.20\n \n for 20 consecutive trading days. The Company anticipates paying commissions with respect to some of the placements.\n \n\n\n\n\n\n\n\n\n Proceeds from the placements will be used to pay the costs of the Company's annual audit, sustaining fees for both the TSXV and U.S. OTCQB, environmental insurance for Cortina, overhead, current expenses and on-going legal costs for defending the legal status and enforceability of the Cortina lease.\n \n\n The Company's wholly owned U.S. subsidiary, Cortina Integrated Waste Management Inc., (CIWM) continues to move forward in the U.S District Court for the Eastern District of\n \n California\n \n , challenging the Order of the U.S. Department of the Interior's, Interior Board of Indian Appeals (IBIA), which purports to cancel the federally approved lease between CIWM and the Kletsel Dehe Wintun Nation of the Cortina Rancheria,\n \n California\n \n .\n \n\n Management also wishes to take this opportunity to comment on the Annual Audited Financial Statements that were recently filed.\n \n\n International Financial Reporting Standards (IFRS) require that assets must be shown on the Balance Sheet at their carrying value. Circumstances can occur where the underlying value is affected or impaired by events. The recent purported cancellation of CIWM's lease ...

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