Earthworks Announces Amendment to Brokered Financing and Debt Extension
Earthworks Announces Amendment to Brokered Financing and Debt Extension
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
不得分發給美國新聞通訊社或在美國境內傳播。
VANCOUVER, British Columbia, Oct. 17, 2023 (GLOBE NEWSWIRE) -- Earthworks Industries Inc. (TSXV:EWK) (the "Company") is pleased to announce that it is amending the terms of its brokered private placement (the "Offering") previously announced on September 21, 2023. The amended Offering will be for a minimum of 5,000,000 up to a maximum of 7,500,000 units (the "Units") of the Company at a price of C$0.20 per Unit (the "Offering Price") for gross proceeds to the Company of a minimum of C$1,000,000 up to a maximum of C$1,500,000.
溫哥華，不列顛哥倫比亞省，2023年10月17日(Global Newswire)--土方工業公司(TSXV：EWK)(The公司“)很高興地宣佈，它正在修改其經紀私募的條款(”供奉“)之前於2023年9月21日公佈。修訂後的產品將提供最少5,000,000個至最多7,500,000個單位(”單位“)，價格為每單位0.20加元(”發行價“)給予公司的總收益最低為1,000,000加元，最高為1,500,000加元。
Each Unit will consist of one common share in the capital of the Company (a "Common Share") and one common share purchase warrant of the Company (a "Warrant"). Each Warrant will entitle the holder thereof to purchase one additional Common Share at a price of C$0.40, subject to adjustment in certain events, for a period of 24 months following the closing date of the Offering (the "Closing Date").
每個單位將由公司股本中的一股普通股組成(A)普通股“)及一份本公司普通股認購權證(a”搜查令每份認股權證持有人將有權以0.40加元的價格額外購買一股普通股，並可在某些情況下作出調整，為期24個月。截止日期“)。
The Company has entered into an amended and restated engagement letter agreement with Haywood Securities Inc. to act as lead agent and sole bookrunner on behalf of a syndicate of agents (collectively, the "Agents") on a commercially reasonable efforts' basis in connection with the Offering.
本公司已與海伍德證券公司訂立經修訂及重述的聘書協定，以代表一個代理財團(統稱為代理“)在與發售相關的商業合理努力的基礎上。
Upon closing of the Offering, the Company shall pay to the Agents: (i) a cash commission equal to 6% of the aggregate gross proceeds of the Offering; and (ii) non-transferrable broker warrants of the Company exercisable at any time prior to the date that is 24 months from the Closing Date to acquire that number of Units equal to 6% of the number of Units issued under the Offering at an exercise price equal to the Issue Price, subject to adjustment in certain events.
於發售結束時，本公司須向代理人支付：(I)相當於發售總收益6%的現金佣金；及(Ii)本公司的不可轉讓經紀認股權證，可於截止日期起計24個月前的任何時間行使，以收購相當於根據發售發行的單位數目6%的單位數目，行使價與發行價相等，並可在某些情況下作出調整。
The Company intends to use the net proceeds of the Offering for working capital, general corporate purposes and to pay outstanding accounts payable and a debt extension fee.
該公司打算將發售所得款項淨額用作營運資金、一般公司用途，以及支付未付應付賬款和債務延長期費用。
Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions ("NI 45-106"), the Offering is being made to purchasers resident in all provinces and territories of Canada, except Quebec, pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 (the "Listed Issuer Financing Exemption"). The securities offered under the Listed Issuer Financing Exemption will not be subject to a statutory hold period in accordance with applicable Canadian securities laws. The Agents will also be entitled to offer the Units for sale in jurisdictions outside of Canada provided it is understood that no prospectus filing or comparable obligation arises in such other jurisdiction. All securities not issued pursuant to the Listed Issuer Financing Exemption will be subject to a hold period in accordance with applicable Canadian securities law, expiring four months and one day following the Closing Date.
在符合適用法規要求的情況下，並根據國家文書45-106-招股章程的豁免(“NI 45-106)，根據NI 45-106(以下簡稱NI 45-106)第5A部分下的上市發行人融資豁免，向居住在加拿大所有省和地區(魁北克除外)的購買者發行上市發行人融資豁免“)。根據適用的加拿大證券法，根據上市發行人融資豁免發行的證券將不受法定持有期的限制。代理商也將有權在加拿大以外的司法管轄區出售該等單位，前提是在該其他司法管轄區內不會產生招股說明書備案或類似義務。所有不是根據上市發行人融資豁免發行的證券將受適用的加拿大證券法的持有期限制，截止日期為四個月零一天。
An amended and restated offering document (the "Offering Document") related to the Offering can be accessed under the Company's profile at and on the Company's website at . Prospective investors should read the Offering Document before making an investment decision.
經修訂及重述的發售檔案(“產品文檔“)有關發售的資料可於本公司簡介及於本公司網站查閱。有意投資者在作出投資決定前應先閱讀發售檔案。
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").
此次發行計劃於2023年11月3日左右結束。完成發售受某些條件的制約，包括但不限於，收到發售項下最低金額為1,000,000加元的認購，公司與代理商之間就發售訂立最終代理協定，以及收到所有必要的批准，包括多倫多證券交易所創業板(“TSXV“)。
Cortina Project Update
Cortina專案更新
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.
作為進一步的更新，本公司高興地宣佈，已與北灣公司(“北灣公司”)簽訂經修訂的債務清償協定(“北部灣)，日期：2023年10月15日(修訂後的債務解決協定)，授予另一項選擇權，以延長本公司欠北灣的債務的償還日期(“北海灣債務從2024年4月15日至2024年11月15日。
Pursuant to the Amended Debt Settlement Agreement, North Bay and the Company have agreed that:
根據經修訂的債務解決協定，North Bay和本公司已同意：
| 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. |
| a) | 於截止日期或大約截止日期，本公司將向North Bay發行3,335,000個本公司單位，每單位價格為0.15美元，結算金額為500,000美元。向North Bay發行的每個單位應包括一(1)股普通股和一(1)股公司普通股認購權證，持有者有權從發行之日起(2025年10月30日到期)以每股普通股0.40美元的價格額外購買一股普通股； | |
| b) | 北灣剩餘的215萬美元債務的償還日將延長至2024年4月15日。公司應向北灣支付延期費用，相當於公司下一次融資淨收益的25%； | |
| c) | 截止日期後，本公司有權選擇將還款日期延長至2024年11月15日。於行使該延期選擇權後，本公司將向North Bay發行本公司單位，除發行外，並根據現有招股說明書豁免，以當時普通股價格結算500,000美元。向North Bay發行的每個單位應包括一(1)股普通股和一(1)股公司普通股認購權證，持有者有權以發行時確定的價格和到期日額外購買一股普通股；以及 | |
| d) | 自2023年10月10日起，未償還本金及應計利息總額約6,000,000美元將按年息10.0%計息，並須在餘下的2,150,000美元和解金額之外支付利息。 |
The Amended Debt Settlement Agreement is subject to acceptance by the TSXV by November 30, 2023.
修訂後的債務解決協定將在2023年11月30日之前由TSXV接受。
Earthworks' CEO, David Atkinson, commented: "The amended Offering size significantly reduces potential dilution to shareholders and reflects the adjustment in liquidity requirements of Earthworks as a result of both the extension to the debt settlement repayment date and the reduced principal payment required for the North Bay loan. These amendments are a testament to North Bay's confidence in Earthworks and the Cortina Project and allows Earthworks to avoid unnecessary equity dilution to shareholders".
土方公司首席執行官David·阿特金森評論道：經修訂的發售規模大幅減少對股東的潛在攤薄，並反映土方的流動資金需求因債務清償日期延長及北部灣貸款所需本金支付減少而作出的調整。這些修訂證明瞭North Bay對土方和Cortina專案的信心，並允許土方避免對股東不必要的股權稀釋“。”
This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the U.S. Securities Act of 1933, as amended (the "1933 Act") or under any U.S. state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act, as amended, and applicable state securities laws.
本新聞稿不應構成在美國出售或邀請購買證券的要約，也不應在任何司法管轄區出售任何此類要約、招攬或出售將是非法的證券。正在發行的證券沒有，也不會根據修訂後的1933年《美國證券法》(The1933年法案“)或根據美國任何州證券法，不得在美國發行或出售，除非進行註冊或獲得適用的豁免，不受修訂後的1933年法案和適用的州證券法的註冊要求的約束。
For further information, contact:
Earthworks Industries Inc.
David Atkinson
President/CEO
604-669-3143
欲瞭解更多資訊，請聯繫：
土方工業公司。
David·阿特金森
總裁/首席執行官
604-669-3143
Forward Looking Statements:
前瞻性陳述：
The news release contains "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of the applicable Canadian securities regulations. All statements contained herein, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objective assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are forward-looking statements, including but not limited to statements regarding: closing of the Offering on the terms described herein or at all; the expected Closing Date of the Offering; TSXV approval of the Offering; and the use of proceeds of the Offering. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this news release. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on the forward-looking statements.
新聞稿包含“前瞻性資訊”和“前瞻性陳述”(統稱為“前瞻性陳述”)。前瞻性陳述“)在適用的加拿大證券法規的含義內。除有關歷史事實的陳述外，本文中包含的所有陳述均為前瞻性陳述，基於截至本新聞稿發佈之日的預期、估計和預測。任何涉及有關預測、預期、信念、計劃、預測、客觀假設、未來事件或業績的討論(經常但不總是使用諸如“預期”或“不預期”、“預計”、“預期”或“不預期”、“計劃”、“預算”、“預定”、“預測”、“估計”、“相信”或“打算”或“可能”、“將”、“可能”或“將會”等短語被視為發生或將會實現的陳述均為前瞻性陳述。包括但不限於關於以下內容的陳述：按照本文所述條款或完全不按條款結束髮售；預計發行結束日期；多倫多證券交易所批准發行；以及發行所得資金的使用情況。前瞻性陳述涉及已知和未知的風險、不確定性和其他因素，這些風險、不確定性和其他因素可能導致公司的實際結果、業績或成就與前瞻性陳述明示或暗示的任何未來結果、業績或成就大不相同。本文中包含的前瞻性陳述是截至本新聞稿發佈之日作出的。不能保證前瞻性陳述將被證明是準確的，因為實際結果和未來事件可能與此類陳述中預期的大不相同。因此，提醒讀者不要過度依賴前瞻性陳述。
Neither the TSXV nor its regulation services provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this News Release.
TSXV及其監管服務提供商(該術語在TSXV的政策中定義)均不對本新聞稿的充分性或準確性承擔責任。
譯文內容由第三人軟體翻譯。