Mr. David Atkinson
reports
EARTHWORKS CLOSING $268,000 PRIVATE PLACEMENT
Earthworks Industries Inc. has received approval for and is closing the sale, by exempt private placement, of 2.68 million units, at 10 cents per unit, to provide gross receipts to the company of $268,000. Each unit consists of one share of the company and one-half of a two-year share purchase warrant exercisable for 20 cents per share. Cash commissions totalling $4,240 will be paid.
Participants in the placement included the company's president and chief executive officer, David Atkinson; a private company in which company director David Andrews is a shareholder; and North Bay Corp.
The company has also received $130,000 in loan financing from two shareholders.
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