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.
Forward-Looking Statements:
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