Mr. David Atkinson reports

EARTHWORKS AND NORTH BAY SIGN PAYMENT DATE EXTENSION

Earthworks Industries Inc., in a news release dated April 10, 2024, disclosed that it had exercised its option to extend from April 15, 2024, to Nov. 15, 2024, the deadline for the payment to North Bay Corp. of $2.15-million (U.S.) (buyout amount) plus approximately $300,000 (U.S.) in accrued interest -- inadvertently erroneously stated to be $100,000 (U.S.).

The company and North Bay have now signed an amendment agreement dated April 10, 2024, amending their settlement agreement to provide that:

• Of the buyout amount, $500,000 (U.S.) 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 23.5 cents per unit, total $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 Oct. 30, 2025, to purchase one fully paid voting common share of the company for 40 cents;
• As a result of the settlement of $500,000 (U.S.) as described above, the buyout amount is reduced to $1.65-million (U.S.), which will be payable not later than Nov. 15, 2024;
• As required by the settlement agreement, interest will continue to accrue at 10 per cent per annum calculated on a base figure of $6-million (U.S.), and all of the interest which has accrued will also be paid on or before Nov. 15, 2024;
• The amendment agreement is subject to acceptance for filing by the TSX Venture Exchange.