Progressive Planet Solutions wishes to announce that it intends to proceed with a 3 to 1 consolidation of its outstanding capital subject to approval.
Progressive Planet Solutions Inc. (TSXV:PLAN) (“Progressive Planet”, “PLAN” or the “Company”) wishes to announce that it intends to proceed with a 3 to 1 consolidation (the “Consolidation”) of its outstanding capital subject to TSX Venture Exchange approval, and proceed with a non-brokered private placement of 3,500,000 “hard dollar” units and 3,000,000 “flow through” units, for an aggregate total amount of $420,000.
The 3,500,000 “hard dollar” units will be offered at $0.06 per unit, with each unit consisting of one share and one warrant exercisable at $0.075 for a period of six months. Use of proceeds will be 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.
The 3,000,000 “flow through” units will be offered at $0.07 per flow through unit, with each flow through unit consisting of one common share issued on a “flow through” basis and one warrant exercisable at $0.075 for a period of six months. Use of proceeds from the flow through units will be for exploration of the Z2 project near Falkland, BC.
The shares comprising each of the “hard dollar” and “flow through” units will be issued on a post-consolidation basis.
There are currently 66,419,137 common shares issued and outstanding, and there will be 22,139,712 post-consolidated common shares issued and outstanding after giving effect to the consolidation but before giving effect to the offering of “hard dollar” and “flow-through” units described above.
The Company reserves the right to pay finder’s fees with respect to the private placement in accordance with TSX Venture Exchange policies. The consolidation and the private placement financing each are subject to the approval of the TSX Venture Exchange.
Progressive Planet is a Canadian based mineral exploration company with its flagship Z1 Zeolite Quarry in British Columbia and is earning a 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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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.