Progressive Planet Solutions Inc (CVE:PLAN) closed a financing of C$450,000 to fund further infrastructure at the company’s Advanced Materials Centre in British Columbia.
Shares of Progressive Planet shot up over 11% to sit at $0.05 in Toronto at Friday’s close.
The Vancouver-based company issued 9 million units at $0.05 per unit for a total of $450,00.
Each unit comprises one share and one warrant, exercisable at a price of $0.055 per warrant for 12 months from closing.
The exploration company paid a finder’s fee of around $17,000 and 344,000 broker warrants to an arm’s length party, which are subject to a 4 month holding period.
Progressive Planet is a mineral exploration company with its flagship Z1 Zeolite Quarry in BC, and a 100% interest in the Buckingham Graphite Project in Quebec.
The company also announced that board member Stephen Pearce has resigned from his position effective immediately. In a statement, the exploration company thanked Pearce for his services and wished him the best in his future endeavours.
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