Progressive Planet announces that the Company has closed the second tranche of the private placement comprising of 2,010,000 units at $0.06 per unit.
Progressive Planet Solutions Inc. (TSXV:PLAN) (“Progressive Planet”, “PLAN” or the “Company”) announces that, further to its news releases dated December 4, 2019 and December 24, 2019, the Company has closed the second tranche of the private placement comprising of 2,010,000 “hard dollar” units at $0.06 per unit for total proceeds of $120,600.
Each “hard dollar” unit comprises one common share and a share purchase warrant entitling the holder to purchase an additional share in the Company for $0.075 a share if exercised on or before July 29, 2020. Securities will bear legends restricting resale until May 30, 2020.
Subscribers include Investor News Network (INN). INN is a digital media company with whom the Company has entered into a service agreement, pursuant to which INN will provide comprehensive digital media services. INN provides news and education for investors in over 40 targeted categories with the opportunity to connect educated investors with trusted companies. Proactive Investors is also a digital media company, with which PLAN recently renewed an annual contract for the provision of video and editorial services.
The Company will use the proceeds from private placement for general working capital, and to repay unsecured indebtedness owing by the Company to David Richardson, a non-arm’s length party to the Company for reason of holding over 10% of the issued and outstanding shares of the Company. In addition, proceeds from the private placement in the amount of $36,000 will be used to pay INN and $15,000 will be used to pay Proactive Investors for digital media services.
There were no finder’s fees paid with respect to the hard dollar tranche of the private placement.
Progressive Planet is a Canadian based mineral exploration company with its flagship Z1 Zeolite Quarry in British Columbia and is earning an 100% option on the Z2 Zeolite Property near Falkland, BC and a 100% interest in the Buckingham Graphite Project in Quebec.
ON BEHALF OF THE BOARD
Signed “Stephen Harpur”
Stephen Harpur, CPA, CGA, CEO
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