Second Close of Additional $1,505,000 Expected Shortly
Vancouver, BC, February 10, 2022 – Progressive Planet Solutions Inc. (TSXV: PLAN) (“PLAN”, “Progressive Planet” or the “Company”) is pleased to announce that, further to its December 24, 2021 news release, it has closed a non-brokered first tranche of its private placement financing of units (the “Offering”) for gross proceeds of $4,014,675.
Under the first tranche, 11,470,500 units were sold at $0.35 per unit. Each unit is comprised of one common share and one warrant, with each warrant exercisable at $0.60 per share for a period of two years from issuance. If, in the second year of the exercise period, the trading price of the Company’s common shares on the TSXV is greater than $0.75 per share for a period of ten trading days, the exercise period may be accelerated.
Each of the first tranche shares, warrants and common shares underlying the warrants are subject to a four month hold period expiring June 10, 2022.
Proceeds from the first tranche will be used toward payment of the cash consideration payable by the Company in its acquisition of Absorbent Products Ltd. (“APL”), to fund the recommended work program with respect to APL’s mineral properties, and to assist with APL debt retirement assumed by the Company under the acquisition.
A second tranche of confirmed orders for at least 4.3 million additional units, for gross proceeds of at least $1,505,000, is expected to close shortly. The Company anticipates that 300,000 units in the additional tranche will be subscribed for, directly or indirectly, by George David Richardson. In addition, 50,000 units will be subscribed for, directly or indirectly, by Stephen Harpur, PLAN’s CEO. Three shareholders of Absorbent Products will also subscribe for an aggregate of 1,745,000 units. The Company will provide further update when the additional tranche has closed.
Completion of aforementioned acquisition remains subject to, among other things, final approval by the TSXV and fulfillment of TSXV requirements. There is no assurance or guarantee that the acquisition will be completed as described or at all.
ABOUT PROGRESSIVE PLANET
Progressive Planet is an emerging company providing innovative circular solutions and earth-friendly micronized minerals that naturally unlock sustainability benefits across the construction and agriculture industries. Tapping into the earth’s inherent binding powers and properties, PLAN is developing and scaling a portfolio of proprietary solutions to help our customers build, grow, and operate more responsibly.
PLAN continues work on creating supplementary cementing materials (SCMs) with a focus on minimizing the carbon footprint of the SCMs we create; utilizing waste materials where possible to create the most sustainable SCMs; and sequestering CO2 in SCMs to address climate change. PLAN’s research team has begun exploring the opportunity to utilize the legacy CO2 stream generated by APL’s natural gas rotary kiln drier in operation in Kamloops.
PLAN’s operations currently include:
- A comminution facility in Spallumcheen, BC which is currently producing micronized minerals used by farmers in lieu of chemical fertilizers to promote healthy soils without the addition of chemicals,
- A research lab in Calgary, AB focused on creating SCM’s and associated technologies to sequester CO2 in concrete; and,
- Three natural pozzolan properties in BC including our flagship Z1 Natural Pozzolan Quarry in Cache Creek, BC and our two pozzolan properties under development, the Z2 Natural Pozzolan Property near Falkland and the Heffley Creek Metals and Natural Pozzolan Property.
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.
This news release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding the completion of the proposed acquisition of APL and the proposed private placement financing offered by the Company. Although the Company believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct.
Forward looking information is typically identified by such words as “believe,” “expect,” “anticipate,” “intend,” and similar expressions, or are those that, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including but not limited to: the Company’s ability to complete the acquisition as described; the Company’s ability to complete the proposed private placement; the general state of the industry in which the Company operates; the state of financial markets generally; and other risks and factors that the Company is not aware of at this time.