Vancouver, January 20, 2021 – Progressive Planet Solutions Inc. (TSXV: PLAN) (“PLAN” or “Progressive Planet”), announces that, further to its news releases dated December 22, 2020 and January 7, 2021, the Company has closed its non-brokered private placement financing comprising of 7,500,000 units, at $0.10 per unit, for total gross proceeds of $750,000.
Each such unit will consist of one share and one share purchase warrant entitling the holder to purchase an additional share in the Company for $0.15 per share if exercised on or before January 20, 2023. 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 $0.25 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.
The proceeds of the private placement will be used for general working capital. Two insiders participated in this private placement. David Richardson, a “control person” of the Company by reason of holding, directly and indirectly, more than 20% of the Company’s issued shares, purchased 1,000,000 units through his company Countryman Investments Ltd., for a total of $100,000. The Howard Group Inc., which provides investor relations services to the Company, purchased 350,000 units for a total of $35,000.
The Company has paid an aggregate total of $27,750 in cash finders’ fees and issued an aggregate total of 277,500 finder’s fee warrants in connection with this private placement to three finders. Each finder’s fee warrant will entitle the holder to purchase a common share of the Company at an exercise price equal to $0.10 per share, on or before January 20, 2022.
All securities issued under the financing will be subject to a statutory four month hold period and securities will bear legends restricting resale until May 21, 2021.
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.
For further information or investor relations inquiries, please contact us:
Vice President, The Howard Group
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.