May 12th, 2020, VANCOUVER, B.C. – PROGRESSIVE PLANET SOLUTIONS INC. (PLAN-TSX:V) (“Progressive Planet”, “PLAN” or the “Company”), a developer of natural pozzolan properties in BC, Canada, announces that, further to its news release dated April 23, 2020, the Company has closed its non-brokered private placement comprising of 6,784,000 units at $0.03 per unit, for total proceeds of $203,520.
Each unit comprises one common share and one-half of a share purchase warrant, with each whole entitling the holder to purchase an additional common share of the Company for $0.05 a share on or before May 12th, 2021. The Company may accelerate the expiry date of the 3,392,000 Warrants by giving written notice to the holders thereof, and in such event the Warrants will expire on the 30th day after the date of such notice. Securities will bear legends restricting resale until September 13th, 2020.
The Company will use the proceeds from private placement for general working capital, equipment procurement and to repay unsecured indebtedness owing by the Company to David Richardson, a controlling shareholder of the Company. See the Company’s news release dated April 23, 2020 for further details.
Insiders purchased an aggregate of 4,134,000 units totaling $124,020. There were no finder’s fees paid with respect to the private placement.
Progressive Planet is a Canadian based mineral exploration company with its flagship Z1 Zeolite Quarry in British Columbia and is earning an 100% interest on the Z2 Natural Pozzolan Property near Falkland, BC and earning a 100% interest in Heffley Creek Natural Pozzolan Property. All three properties are within a one-hour drive of Kamloops, BC.
ON BEHALF OF THE BOARD
Signed “Stephen Harpur”
Stephen Harpur, CPA, CGA, CEO
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