Mr. Zula Kropivnitski reports
PLANET VENTURES CLOSES PRIVATE PLACEMENT
Further to its news releases dated July 17, 2019, Oct. 11, 2019, and Jan. 17, 2020, Planet Ventures Inc. has closed its non-brokered private placement for gross proceeds of $1.4-million. Pursuant to the private placement, the company issued 28 million units of the company at a price of five cents per unit. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share in the capital of the company and is exercisable at a price of 10 cents per warrant share for a period of 24 months following the closing of the private placement.
In connection with the private placement, the company paid a finder's fee in the aggregate sum of $5,250 and issued 105,000 common share purchase warrants to certain eligible finders. Each finder's warrant entitles the holder to purchase one common share in the capital of the company at a price of 10 cents per finder's share for a period of 24 months following the closing of the private placement.
All securities issued in connection with the offering will be subject to a statutory four-month hold period, expiring on June 14, 2020, in accordance with applicable securities legislation.
The company intends to use the net proceeds raised from the private placement for general corporate purposes, including general and administrative expenses, and investment purposes.
Planet Ventures Inc.
Planet Ventures is an investment issuer that is focused on investing in disruptive companies and industries that have high growth potential. The company's unique, portfolio-driven investment policies provide investors with access to emerging and high-growth opportunities, while shielding them from any formidable downside.
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