Progressive Planet Solutions Inc. (CVE:PLAN) said it has sold and optioned a combined total of 10 million of its 10.5 million shares in Snow Lake Resources to two arms-length purchasers.
The group, an emerging leader in reducing the carbon footprint of cement products using natural pozzolans, said the sale of this non-core asset is the final step in focusing it on developing its portfolio of assets in the Kamloops area of British Columbia (BC).
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The first sale was for 1,700,000 shares at $0.04 per share for a total of $68,000 and includes an option granted by Progressive Planet entitling the same party to purchase an additional 4,966,666 shares at $0.04 per share until May 11, 2021.
The second sale was for 1,250,000 shares at $0.04 per share for a total of $50,000 and includes an option granted by Progressive Planet to such party to purchase an additional 2,083,334 shares until August 14, 2021.
Progressive Planet has so far received $116,000 and will receive another $284,000 if the remaining shares are purchased under the option agreements.
The company said it intends to use the funds from this sale to purchase larger equipment for its Comminution Plant in Spallumcheen, BC, which in turn will support revenue growth. The comminution plant finished commissioning in late August 2020 and is producing and shipping product on an ongoing basis. The plant currently has a backlog of orders from customers.
"The Snow Lake Resources shares represented a minority interest in a company that is focused on minerals outside our area of interest. This asset was recorded on our balance sheet at a value of $135,388. If the options are exercised, we will receive a total of $400,000 for 10 million of these shares. Our sole focus going forward is to develop our pozzolan and metals properties in BC while growing our bricks and mortar business of making rock powders," Steve Harpur, Progressive Planet CEO said in a statement.
Progressive Planet is an emerging leader in reducing the carbon footprint of cement products using natural pozzolans to replace equivalent amounts of Portland Cement and fly ash in concrete. The production of Portland Cement is the second-largest global generator of CO2 emissions.
The company operates its flagship Z1 Zeolite Quarry in Cache Creek, BC and is earning a 100% interest in the Z2 Natural Pozzolan Property near Falkland, BC and earning a 100% interest in the Heffley Creek Metals and Natural Pozzolan Property. Progressive Planet also operates a Comminution Facility in Spallumcheen, BC. All three properties and the Comminution Plant are all within a one-hour drive of Kamloops, BC, an industrial hub with rail access to Canadian and US markets.
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