Mr. Steve Harpur reports

PROGRESSIVE PLANET CLOSES OVERSUBSCRIBED PRIVATE PLACEMENT FOR PROCEEDS OF $1.25 MILLION

Progressive Planet Solutions Inc. has closed the private placement which was announced on April 14, 2023.

The non-brokered offering was for four million units at a price of 25 cents per unit for gross proceeds of $1-million, with the company reserving discretion to increase the offering by an additional one million units. A total of five million units were completed for gross proceeds of $1.25-million.

"Just over 14 months ago, Progressive Planet borrowed $11-million to purchase an established and vertically integrated cleantech manufacturing company with a 30-year track record," said Progressive Planet chief executive officer Steve Harpur. "The planet-friendly consumer products Progressive Planet makes from these operations are in 10,000-plus retail stores in North America. The established distribution network and manufacturing expertise acquired accelerates the commercialization of the portfolio of proprietary planet-friendly fertilizers and cement replacement products being brought to market over the next 24 months."

Each unit consists of one common share and one full warrant exercisable at 25 cents/share for a period of one year from issuance. The shares and warrants comprising the units, and the shares underlying the warrants, are subject to a four-month hold period expiring Aug. 28, 2023. The warrants will be subject to acceleration if the company's shares trade above 35 cents for 10 business days after the four-month hold expires.

Finder's fees of $28,075 and 224,600 broker warrants were paid in conjunction with the financing. Insiders of Progressive Planet, including the CEO, the chief financial officer and its largest shareholder, each invested for 600,000 units of the placement for a total of $450,000. No finder's fees or broker warrants were issued in relation to the investment of the three company insiders. Each broker warrant is exercisable at 25 cents per share for a period of one year.

Proceeds from the private placement, along with current cash reserves, were used to pay off $1.3-million in two high-interest bank loans which were floating rate loans.

"I am pleased that our total debt is now less than $6.7-million and all of this long-term debt has terms of prime plus 75 basis points," added Mr. Harpur. "With our new fiscal year starting on May 1, 2023, we are now focused on growing sales and improving efficiencies within our legacy operations while also focusing on bringing a series of new products to market."

About Progressive Planet Solutions Inc.

Progressive Planet is a well-established cleantech and manufacturing company based in Kamloops, B.C., in the heart of some of Canada's richest volcanic fields, which are the prime ingredient of its innovations. The company's expertise lies in merging cleantech with ancient volcanic ash and minerals to create planet-friendly products that fight climate change and protect the planet's health.

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