Toronto, Ontario--(Newsfile Corp. - September 18, 2020) - This press release is being disseminated in connection with the filing of an early warning report (the "Early Warning Report") regarding the acquisition of securities of Environmental Waste International Inc. (TSXV: EWS) (the "Company") by EWI Investors, LLC ("EWI Investors").
The Company previously entered an unsecured convertible note dated April 28, 2017 and amended on September 12, 2019 with EWI (the "Convertible Note"), of which Robert Savage, a Director of EWS, is the Managing Member. The principal amount of the Convertible Note is $1,850,000 (the "Principal Amount") and is convertible at $0.08 per common share. The Convertible Note bears interest at a rate of 5% per annum, of which $268,520 (the "Interest Amount") of interest had accrued up to September 11, 2020.
EWI Investors has elected to convert the Principal Amount into common shares of the Company at a price of $0.08 per share and the Interest Amount at a price of $0.135 per share for an aggregate of 25,114,037 common shares of the Company (collectively, the "Debt Conversions").
Following the Debt Conversions, EWI Investors beneficially owns 48,886,537 common shares, representing approximately 19.9% of the issued and outstanding shares of EWS. EWI Investors also owns 3,712,500 warrants and 425,000 options in the capital stock of the Company. Prior to the Debt Settlement, EWI owned 23,772,500 common shares, 3,712,500 Warrants and 425,000 options, representing 12.4% of the issued and outstanding common shares of the Company on a fully diluted basis.
The 25,114,037 common shares were acquired for investment purposes. EWI may, from time to time, take such actions in respect of its holdings in securities of the Company as it may deem appropriate in light of the circumstances then existing, including (i) acquiring, exercising, converting, exchanging, selling or otherwise disposing of securities of the Company or securities exercisable for, or convertible or exchangeable into, securities of the Company, and (ii) developing plans or intentions or taking actions which relate to or would result in one or more of the transactions or matters referred to in paragraphs (a) through (k) of Item 5 of the Early Warning Report filed on SEDAR.
A copy of EWI's Early Warning Report with respect to the foregoing is filed under applicable securities laws and is available under the Company's profile on SEDAR at www.sedar.com.
EWI Investors, LLC
Tel: (212) 710-5070
Not for distribution in the United States or to U.S. Newswire Services
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