Earthworks EWK (VSE) Message Board

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Microcap & Penny Stocks : Earthworks EWK (VSE)

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To: High Grader who wrote (107)	1/12/1999 2:46:00 PM
From: Dick Martin	Read Replies (2) of 120

New funding by private placements: EARTHWORKS INDUSTRIES INC. 1608 - 675 West Hastings Street Vancouver, B.C. V6B 1N2 Tel: (604) 669-3147; Fax: (604) 669-3107 NEWS RELEASE NO. 180 January 11, 1999 VSE: EWK-V Earthworks Industries Inc. (the "Company") has entered into a series of agreements to settle certain of its indebtedness and to raise additional funding by way of private placements - as follows: (a) The Company has struck private placement agreements for the sale of 500,000 Units at a price of $0.30 per Unit - to provide the Company with proceeds of $150,000 - less some finders' fees which have still to be negotiated. The Units will each consist of 1 share of the Company and 1 1-year share purchase warrant entitling the purchase of 1 additional share exercisable at $0.40 per share; (b) The Company has struck agreements with its principal creditors agreeing to settle an aggregate total of $128,600 by the issuance of 321,500 shares at an agreed price of $0.40 per share. With one creditor a further amount of $56,250 will be settled by the issue of 75,000 shares at a price of $0.75 per share. The Company has also agreed with the holders of its outstanding options - on a total of 576,000 shares - to reduce the option exercise price to $0.40 per share from $0.75 and $0.72 per share. The agreements referred to above are all subject to final documentation and to acceptance for filing by the Vancouver Stock Exchange. EARTHWORKS INDUSTRIES INC. Per: "David B. Atkinson" David B. Atkinson, President The Vancouver Stock Exchange assumes no responsibility for the accuracy of this Release and neither approves nor disapproves of the same.

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