Progressive Planet Solutions Inc. Announces Private Placements
VANCOUVER, Dec. 22, 2020 - Progressive Planet Solutions Inc. (TSXV: PLAN) ("PLAN" or "Progressive Planet"), an emerging leader in the commercialization of natural pozzolans to reduce the carbon footprint of cement production, is pleased to announce two financings for aggregate gross proceeds of up to $550,000. The first financing consists of a non-brokered private placement of up to 3,000,000 units at $0.10 per unit (the "hard dollar financing"), for gross proceeds of up to $300,000. Each such unit will consist of one share and one warrant exercisable at $0.15 per share for a period of 24 months from issuance. Use of proceeds will be for general working capital. Countryman Investments Ltd., a company of which David Richardson is the principal, intends to subscribe for 1,000,000 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.
The second financing consists of a non-brokered "flow-through" private placement of up to 2,500,000 units at $0.10 per flow through unit, for gross flow through proceeds of up to $250,000. Each flow through unit will consist of one "flow through" common share and one-half of a warrant, each whole warrant exercisable at $0.15 per share for a period of twelve months. Use of proceeds will be for continued exploration on the Company's 100% owned Heffley Creek Base – Precious Metal and Pozzolan Property in BC. A director of the Company intends to subscribe for 800,000 units of this flow through financing.
Eligible finders may receive a 5% cash finders' fee and 5% finder's fee warrants on the hard dollar financing only, subject to TSXV requirements. Finder's fee warrants will have an exercise period of 12 months, and an exercise price equal to $0.10 per share. There will be no finder's fees paid on the flow through financing.
All securities issued under these financings 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 Cache Creek, BC 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
Contact
or investor relations inquiries, please contact us: 1-800-910-3072, Investors@progressiveplanet.ca, www.progressiveplanet.ca