Kamloops, July 27, 2022 – Progressive Planet Solutions Inc. (TSXV: PLAN) (“PLAN”, “Progressive Planet” or the “Company”), a dominant manufacturer of agricultural, household, and industrial products introducing blue-sky tech that turns post-consumer glass into high-performance cement using CO2 sequestration, announces that is providing notice by way of press release to the holders of warrants issued under the Company’s private placement of units which closed on January 20, 2021, exercisable at $0.15 per share. The expiry date of such Warrants has now been accelerated, such that such Warrants will expire at 5:00PM (Pacific Standard time) on August 26, 2022, being that date, which is thirty (30) days from today’s date of July 27, 2022.
The shares of Progressive Planet Solutions have closed at a price higher than $0.25 per share as quoted on the TSX Venture Exchange (the “Exchange“) and also on all other securities exchanges, quotation systems and markets on which the common shares are listed and where a majority of the trading volume of such common shares occurs) for a period of ten (10) consecutive trading days from today’s date. In accordance with the terms of the Warrants, PLAN is accelerating the expiry date of aforementioned Warrants, which was originally January 20, 2023.
Funds received from warrant holders who chose to exercise their warrants before their accelerated expiry will be used to fund the purchase of industrial scale equipment used to produce PozDE™ SCM as well as additional equipment used to make non-chemical fertilizers and soil amenders and for general working capital.
PLAN ordered an industrial scale disk pelletizer in May 2022 and is expecting receipt of this new piece of equipment in August 2022. The disk pelletizer will be used to make non-chemical fertilizer and soil amender pellets.
Since announcing our first order to blend a non-chemical soil amender for Eco Health Industries Ltd. (“Eco Health”) on July 5, 2022, PLAN has received two additional orders from Eco Health to blend Hydr8™ Soil Amendment – a combination of biochar, zeolite sourced from the Bromley Creek Mine, and humates. The addition of Hydr8 to native soils increases the viability of transplants and improves plant resistance to drought and stress. The first additional order is for a BC municipality in the Lower Mainland for use in urban forestry. The second additional order is for a well-known winery located in the Naramata Bench.
“With the current heat domes experienced right now in BC, PLAN is pleased to be making a product for Eco Health Industries which is designed to address soil compaction and to improve water use,” stated Steve Harpur, CEO of PLAN.