EARTHWORKS CLOSES FULLY SUBSCRIBED $500,000 PRIVATE PLACEMENT - CORTINA UPDATE

TSX-V: EWK
OTCQB: EAATF

VANCOUVER, BC, Jan. 23, 2025 /CNW/ - Earthworks Industries Inc. (the "Company") is pleased to report that is has now closed its $500,000 non-brokered Private Placement announced in a news release dated November 27, 2024. The Company initiated the sale of up to 10 million Units at $0.05 per unit with a Warrant entitling the purchase of one additional share of the Company for $0.10, exercisable for 2 years. 

The second tranche closing is 5,900,000 Units for gross proceeds of $295,000. On December 19, 2024, a first tranche was announced to close 4,100,000 units for gross proceeds of $205,000.

The Placement includes sales to three Directors of a total of 3,450,000 Units.

With respect to the Unit sales, the Company will pay finders fees or commissions of 8% cash with respect to some of the placements totaling $13,600.

The placements are subject to acceptance for filing by the TSX Venture Exchange.

Cortina Update

As previously disclosed the Company has filed a Complaint with the U.S. District Court of the Eastern District of California, against the United States Department of the Interior challenging the Bureau of Indian Affairs ("BIA") unlawful cancellation of the Lease held by its wholly owned U.S. subsidiary, Cortina Integrated Waste Management Inc. (CIWM). We are currently seeking judicial relief and reinstatement of our long-standing lease. The current legal process is expected to prove more expedient than alternative legal remedies while allowing for a timely resolution to this matter.

The Company also wishes to thank our shareholders for their ongoing support during this challenging period, but we remain confident the Cortina Lease will be reinstated. Furthermore, as we advance the Company, we believe our current strategy and framework will allow for similar developments in the future as we continue to be presented with tremendous opportunities in the waste industry for proper handling practices and locations that align with the highest of standards from an environmental perspective.

Forward Looking Statements:

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, 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 not statements of historical fact and may be forward-looking statements.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company or CIWM to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the "Risks and Uncertainties Statement" attached to this news release. Forward- looking statements contained herein are made as of the date of this news release. The Company will update these forward-looking statement and Risks and Uncertainties as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. 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.

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.

For further information, contact: Earthworks Industries Inc., 604-669-3143