VANCOUVER, BC, Jan. 7, 2021 /CNW/ – Progressive Planet Solutions Inc. (TSXV: PLAN) (“PLAN” or “Progressive Planet”), an emerging leader in the commercialization of natural pozzolans to reduce the carbon footprint of cement production, is pleased to announce that the size of the non-brokered private placement financing previously announced on December 22, 2020, has increased from 3,500,000 units to up to 7,500,000 units, at $0.10 per unit, for aggregate gross proceeds of up to $750,000.
Each such unit will consist of one share and one warrant exercisable at $0.15 per share for a period of 24 months from issuance. In the event that the closing price (or closing bid, if no sales were reported on a trading day) of the Company’s common shares as quoted on TSX Venture Exchange (or such other securities exchange, quotation system or market on which the common shares are listed and where a majority of the trading volume of the common shares occurs) exceeds $0.25 per Share for a price of ten consecutive trading days, the Company may, within five days of such event, provide notice by way of news release of early expiry, in which event the warrants will expire 30 days from the date of such news release.
Use of proceeds will be for general working capital. Countryman Investments Ltd., a company of which David Richardson is the principal is expected to participate in this financing. Mr. Richardson is a “control person” of the Company by reason of holding, directly and indirectly, more than 20% of the Company’s issued and outstanding shares.
There are currently 42,255,711 common shares issued and outstanding. Eligible finders may receive a 5% cash finders’ fees and 5% finder’s fee warrants, subject to TSXV requirements. Finder’s fee warrants will have an exercise period of 12 months, and an exercise price equal to $0.10 per share. All securities issued under these financings are subject to a statutory four month hold period.
All securities issued under the financing will be subject to a statutory four month hold period.
ABOUT PROGRESSIVE PLANET
Progressive Planet is an emerging leader in supplying solutions for a livable planet by developing low carbon, pozzolan-based, cementing products which replace equivalent amounts of Portland Cement and fly ash in concrete. The production of Portland Cement is the second largest global generator of CO2 emissions.
Progressive Planet operates its flagship Z1 Zeolite Quarry in British Columbia and is earning an 100% interest in the Z2 Natural Pozzolan Property near Falkland, BC and earning a 100% interest in the Heffley Creek Metals and Natural Pozzolan Property. All three properties are within a one-hour drive of Kamloops, BC, an industrial hub with rail access to Canadian and US markets.
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 release.
SOURCE Progressive Planet Solutions
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