VANCOUVER,
BC, Oct. 12, 2023
TSX-V: EWK
/CNW/ - Earthworks Industries Inc. and its
subsidiary, Cortina Integrated Waste Management Inc., ("EWK")
and North Bay Corporation and its subsidiary, CLC, ("North Bay")
have agreed to an Amended Debt Settlement Agreement, dated
October 10, 2023, extending the
Buy-Out Payment date from October 23,
2023, to April 15, 2024.
North Bay and EWK have agreed
to amend the Settlement Agreement as follows:
(a) U.S.
$500,000 will be settled by the
issuance by EWK to North Bay of
3,335,000 Units – which will be at a deemed value of $US 0.15 or $Cdn
0.20 per Unit – total Cdn $667,000. Each Unit will consist of one
fully paid voting common share in the capital of EWK and a share
purchase Warrant – each Warrant being exercisable until
October 30, 2025, to purchase 1 fully
paid voting common share of EWK for $Cdn
0.40.
(b) The U.S.
$2,150,000 Buy-Out payment date is
extended and will be payable April 15,
2024.
(c) Interest will
accrue at 10 percent per annum on the total principal and accrued
interest outstanding of approximately U.S.$6,000,000 from the date
of the Amendment for 6 months and will be payable on April 15,
2024.
(d) EWK will also
pay to North Bay a fee for the
extension of the Buy-Out Option payment date, equal to 25% of the
net proceeds of the next financing done by EWK.
This Amendment Agreement is subject to it being accepted for
filing by the TSX Venture Exchange (the "Exchange") by November 30, 2023.
For further information, contact:
Earthworks
Industries Inc.
David
Atkinson
President/CEO
604-669-3143
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.
