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.

Earthworks Industries Inc. logo (CNW Group/Earthworks Industries Inc.)

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.

Copyright 2024 Canada NewsWire

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