221 0 Kommentare Earthworks Announces Amendment to Brokered Financing and Debt Extension - Seite 2

An amended and restated offering document (the “Offering Document”) related to the Offering can be accessed under the Company’s profile at www.sedarplus.ca and on the Company’s website at www.earthworksinc.com. Prospective investors should read the Offering Document before making an investment decision.

The Offering is scheduled to close on or about November 3, 2023. Completion of the Offering is subject to certain conditions including, but not limited to, receiving subscriptions for the minimum amount of C$1,000,000 under the Offering, the entering into of a definitive agency agreement between the Company and the Agents with respect to the Offering and the receipt of all necessary approvals, including the approval of the TSX Venture Exchange (the “TSXV“).

Cortina Project Update

As a further update, the Company is pleased to announce that it has entered into an amended debt settlement agreement with North Bay Corporation ("North Bay"), dated October 15, 2023 (the "Amended Debt Settlement Agreement"), granting a further option to extend the repayment date of debt owing to North Bay by the Company (the "North Bay Debt") from April 15, 2024, to November 15, 2024.

Pursuant to the Amended Debt Settlement Agreement, North Bay and the Company have agreed that:

	a)	on or about the Closing Date, the Company shall issue to North Bay, separate and apart from the Offering and pursuant to available prospectus exemptions, 3,335,000 units of the Company at a price per unit of US$0.15 in settlement of US$500,000. Each unit issued to North Bay shall consist of one (1) Common Share and one (1) common share purchase warrant of the Company entitling the holder thereof to purchase one additional Common Share at a price of $0.40 per Common Share from the date of issuance, expiring October 30, 2025;

	b)	the repayment date of the remaining US$2,150,000 of the North Bay Debt shall be extended to April 15, 2024. The Company shall pay a fee to North Bay for the extension, equal to 25% of the net proceeds of the Company's next financing;

	c)	following the Closing Date, the Company shall have an option to extend such repayment date to November 15, 2024. Upon exercise of such option to extend, the Company shall issue to North Bay, separate and apart from the Offering and pursuant to available prospectus exemptions, units of the Company in settlement of US$500,000 at the price of the Common Shares at such time. Each unit issued to North Bay shall consist of one (1) Common Share and one (1) Common Share purchase warrant of the Company entitling the holder thereof to purchase one additional Common Share at a price and expiry date to be determined at the time of issuance; and

	d)	interest will accrue at 10.0% per annum on the total principal and accrued interest outstanding of approximately US$6,000,000 from October 10, 2023 and be paid in addition to the remaining settlement amount of US$2,150,000.