19:43:09 EST Wed 30 Nov 2022
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Progressive Planet Solutions Inc (2)
Symbol PLAN
Shares Issued 67,116,877
Close 2022-02-10 C$ 0.37
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Progressive Planet closes first tranche of placement

2022-02-10 17:53 ET - News Release

Mr. Jeff Walker reports


Progressive Planet Solutions Inc., further to its Dec. 24, 2021, news release, has closed a non-brokered first tranche of its private placement financing of units for gross proceeds of $4,014,675.

Under the first tranche, 11,470,500 units were sold at 35 cents per unit. Each unit comprised one common share and one warrant, with each warrant exercisable at 60 cents per share for a period of two years from issuance. If, in the second year of the exercise period, the trading price of the company's common shares on the TSX Venture Exchange is greater than 75 cents per share for a period of 10 trading days, the exercise period may be accelerated.

Each of the first tranche shares, warrants and common shares underlying the warrants are subject to a four-month hold period expiring June 10, 2022.

Proceeds from the first tranche will be used toward payment of the cash consideration payable by the company in its acquisition of Absorbent Products Ltd. (APL) to finance the recommended work program with respect to APL's mineral properties and to assist with APL debt retirement assumed by the company under the acquisition.

A second tranche of confirmed orders for at least 4.3 million additional units, for gross proceeds of at least $1,505,000, is expected to close shortly. The company anticipates that 300,000 units in the additional tranche will be subscribed for, directly or indirectly, by George David Richardson. In addition, 50,000 units will be subscribed for, directly or indirectly, by Stephen Harpur, Progressive Planet's chief executive officer. Three shareholders of Absorbent Products will also subscribe for an aggregate of 1,745,000 units. The company will provide further update when the additional tranche has closed.

Completion of aforementioned acquisition remains subject to, among other things, final approval by the TSX-V and fulfilment of TSX-V requirements. There is no assurance or guarantee that the acquisition will be completed as described or at all.

About Progressive Planet Solutions Inc.

Progressive Planet is an emerging company providing innovative circular solutions and Earth-friendly micronized minerals that naturally unlock sustainability benefits across the construction and agriculture industries. Tapping into the Earth's inherent binding powers and properties, Progressive Planet is developing and scaling a portfolio of proprietary solutions to help its customers build, grow and operate more responsibly.

Progressive Planet continues work on creating supplementary cementing materials (SCMs) with a focus on minimizing the carbon footprint of the SCMs it creates, utilizing waste materials where possible to create the most sustainable SCMs and sequestering carbon dioxide in SCMs to address climate change. Progressive Planet's research team has begun exploring the opportunity to utilize the legacy CO2 stream generated by APL's natural gas rotary kiln drier in operation in Kamloops.

Progressive Planet's operations currently include:

  • A comminution facility in Spallumcheen, B.C., which is currently producing micronized minerals used by farmers in lieu of chemical fertilizers to promote healthy soils without the addition of chemicals;
  • A research lab in Calgary, Alta., focused on creating SCMs and associated technologies to sequester CO2 in concrete;
  • Three natural pozzolan properties in British Columbia, including its flagship Z1 natural pozzolan quarry in Cache Creek, B.C., and its two pozzolan properties under development, the Z2 natural pozzolan property near Falkland, and the Heffley Creek metals and natural pozzolan property.

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