VANCOUVER, BC, Jan. 25, 2021 /CNW/ – Progressive Planet Solutions Inc. (TSXV: PLAN) (“PLAN” or the “Company”), is pleased to announce a non-brokered private placement offering of up to 7,000,000 units (“Units“), at $0.20 per unit, for total gross proceeds of up to $1,400,000.
Each Unit will consist of one common share and one share purchase warrant (a “Warrant“) entitling the holder to purchase an additional common share for $0.25 per share for a period of two years. In the event 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 $0.30 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.
The proceeds of the private placement will be used for general working capital. Countryman Investments Ltd., a company of which David Richardson is the principal, intends to subscribe for 500,000 units in this placement. Mr. Richardson is a “control person” of the Company by reason of holding, directly and indirectly, more than 20% of the Company’s current issued and outstanding shares.
Eligible finders may receive up to a 5% cash finder’s fee and up to 10% finder’s fee warrants. Each finder’s fee warrant will entitle the holder to purchase a common share of the Company at an exercise price equal to $0.20 per share for a period of two years.
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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