Progressive Planet Solutions Inc.
Under the Symbol:
PLAN Closes Private Placement Financing
Friday, December 7, 2018 8:25 PM
VANCOUVER, BC / ACCESSWIRE / December 7th, 2018 / PROGRESSIVE PLANET SOLUTIONS INC. (PLAN-TSX:V) ("Progressive Planet", "PLAN" or the "Company") is pleased to announce the successful closing of its fully subscribed non-brokered private placement announced December 6, 2018 of 5,500,000 units (the "Units") at a price of $0.05 per Unit for aggregate gross proceeds of $275,000 (the "Offering").
Each Unit is comprised of one common share (a "Share") and one Common Share purchase warrant (a "Warrant") of the Company. Each Warrant will entitle the holder to purchase one Share (a "Warrant Share") at a price of $0.06 per Warrant Share for period of 12 months from the date of Closing. The warrants are subject to an acceleration clause, which states that the issuer will have the right to accelerate the expiry date of the warrants if, at any time, the average closing price of the shares is equal to or greater than 10 cents for 10 consecutive trading days. In the event of acceleration, the expiry date will be accelerated to a date that is 30 days after the issuer issues a news release, announcing that it has elected to exercise this acceleration right.
The Company did not pay any finders' fees in relation to the private placement.
Proceeds from the financing will be used for general corporate purposes and for continued product research and development.
"We are very pleased not only with how quickly the financing was filled but also, with just under 50% of the financing taken by insiders, it demonstrates their belief in and commitment to the Company." states Stephen Harpur, CEO.
Progressive Planet is a Canadian based mineral exploration company with its flagship Z1 Zeolite Mine in British Columbia, an equity interest in Snow Lake Resources, a 5% interest in the Lac Guéret Extensions Graphite Project in Quebec and a 100% interest in the Buckingham Graphite Project in Quebec.
ON BEHALF OF THE BOARD
Signed "Stephen Harpur"
Stephen Harpur, CPA, CGA, CEO
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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 Inc.