logo-loader
viewProgressive Planet Solutions Inc

Progressive Planet's 20% stake in lithium property included in Snow Lake IPO

Under the agreement, Progressive Planet will receive C$3.325 million in cash and 12 million common shares of Snow Lake at C$0.25 per common share

The chemical symbol for lithium
Progressive Planet's 20% stake in a lithium mine will be included in the IPO of Snow Lake Resources

Progressive Planet Solutions Inc (CVE:PLAN) said Monday that it has signed an agreement to include its 20% interest in the Thompson Brothers lithium property in Manitoba as part of the upcoming Snow Lake Resources initial public offering.

Snow Lake intends to raise C$3 million in a flow-through financing by year-end to finance drilling during the first quarter of 2019.

READ: Progressive Planet Solutions secures processing and product development facilities in Vernon, British Columbia

Under the agreement, Vancouver-based Progressive Planet will receive C$3.325 million in cash and 12 million common shares of Snow Lake at C$0.25 per common share.

Derek Knight, chief operating officer of Progressive Planet, will be leading Snow Lake Resources as CEO. Knight plans to step down from his role at Progressive Planet on November 30 to focus on the Thompson Brothers lithium property.

“We are fully supportive and behind Snow Lake's fast-track development strategy of the project,”  Steve Harpur, CEO of Progressive Planet, said in a statement.



Contact Dennis Fitzgerald at [email protected]

Quick facts: Progressive Planet Solutions Inc

Price: 0.035 CAD

TSX-V:PLAN
Market: TSX-V
Market Cap: $939.91 k
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Progressive Planet Solutions Inc named herein, including the promotion by the Company of Progressive Planet Solutions Inc in any Content on the...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Progressive Planet Solutions offers relief to the problem of...

Progressive Planet (CVE: PLAN) CEO Stephen Harpur joined Steve Darling from Proactive Vancouver on Skype to discuss their new fertilizer pellets created using cannabis waste. Harpur talks about how they are able to do this and what it means for global warming.

on 18/10/19

2 min read