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Financings

Earthworks to issue 13.14 million shares to North Bay

By The Northwire Desk — AI Analysis Jan 22, 2026 · 16:26 EWK · 0.01 Earthworks Industries Inc
EWK · Price

Executive Summary

  • Earthworks Industries Inc. settled its outstanding debt to North Bay Corp. by issuing shares equal to 10 % of the company’s issued share capital.
  • The debt, originally denominated in U.S. dollars, was converted to CAD $5,112,564 and will be satisfied by issuing 13,146,057 shares at a deemed price of $0.39 per share.
  • Earthworks has applied to the TSX Venture Exchange for approval to complete the share issuance and cancel the debt.

Key Details

  • Debt Amount: CAD $5,112,564 (converted from U.S. dollars).
  • Equity Settlement Ratio: 10 % of Earthworks’ then‑issued shares.
  • Shares to be Issued: 13,146,057 common shares.
  • Deemed Share Price: $0.39 per share.
  • Counterparties: North Bay Corp. (creditor) and its subsidiary Cortina Integrated Waste Management Inc.
  • Regulatory Action: Application submitted to the TSX Venture Exchange for approval of the share issuance and debt cancellation.

Notable Quotes

(No quotes provided in the release.)

Read the original news release →

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