Mr.
Christopher Cooper reports
PLANET VENTURES COMPLETES NON-BROKERED PRIVATE PLACEMENT
Further to its news release dated Feb. 9, 2024, Planet Ventures Inc. has closed its non-brokered private placement of 100 million common shares in the capital of the company at a price of two cents per share for aggregate gross proceeds of $2-million.
Proceeds from the offering will be used for financing the company's continued investment objectives and initiatives and for general working capital purposes. All securities issued in connection with the offering are subject to a statutory hold period of four months and one day from the date of issuance. No finders' fees were paid in connection with the offering.
The subscribers in the offering included a director and two officers of the company, who subscribed for an aggregate of 40.25 million shares. The issuance of shares to the insiders constitutes a related party transaction as defined in Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company is relying on the exemption from valuation requirement and minority approval pursuant to subsections 5.5(a) and 5.7(a) of MI 61-101, respectively, for the insider participation in the offering as the shares do not represent more than 25 per cent of the company's market capitalization, as determined in accordance with MI 61-101.
About Planet Ventures Inc.
Planet Ventures is an investment issuer that is focused on investing in disruptive companies and industries that have high-growth potential. Planet Venture's unique portfolio-driven investment policies provide its investors with access to emerging and high-growth opportunities while working to shield them from any formidable downside with their diversified approach.
We seek Safe Harbor.
© 2024 Canjex Publishing Ltd. All rights reserved.