An anonymous director reports
PLAN ANNOUNCES EARLY WARNING REPORT
Progressive Planet Solutions Inc. has filed an early warning report for George David Richardson, a controlling shareholder of the Company.
As disclosed in the Company's news release dated June 1, 2020, the Company has been granted credit facilities for an aggregate of up to $300,000 in principal indebtedness from the Bank of Montreal (the "Loan Facilities"). The Company's obligations to the Bank of Montreal with respect to the Loan Facilities have been guaranteed by Mr. Richardson.
Pursuant to a Debtor-Guarantor Agreement, in consideration for Mr. Richardson providing the guarantee referred to above, the Company issued 6,000,000 warrants to him. As a result, Mr. Richardson beneficially owns or controls, directly and indirectly, an aggregate total of 9,310,333 common shares (including his deemed indirect control of 4,526,333 common shares held by Countryman Investments Limited, a B.C. incorporated company of which Mr. Richardson is a principal) and 9,783,667 warrants (including his deemed indirect control of 666,667 warrants held by Countryman Investments Limited) and 250,000 stock options (including his deemed indirect control of 100,000 stock options held by Countryman Investments Limited), which collectively represent 44.3% of the Company's issued and outstanding common shares, calculated on a partially-diluted basis assuming the exercise of such warrants and stock options.
Mr. Richardson intends to evaluate his investments in the Company and to increase or decrease his respective shareholdings as he may determine for investment purposes.
This news release is being disseminated as required by National Instrument 62-103, The Early Warning System and Related Take-Over Bids and Insider Reporting Issues in connection with the filing of the early warning report (the "Early Warning Report"). A copy of the Early Warning Report may be found on www.sedar.com under the Company's profile.
Progressive Planet operates its flagship Z1 Zeolite Quarry in British Columbia and is earning an 100% option on the Z2 Natural Pozzolan Property near Falkland, BC and a 100% interest in Heffley Creek 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.
We seek Safe Harbor.
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