Progressive Planet Solutions Inc (CVE:PLAN), the zeolite-focused mining group, told investors it plans to proceed with a 3:1 share consolidation and then a private placing to raise C$420,000.
The placing will consist of 3.5 million so-called "hard dollar" units and 3 million 'flow-through' units, the firm said in a statement.
In late October, the group said it was acquiring a 100% stake in a zeolite mining interest near Falkland, British Columbia, which will see it pay C$26,000, issue 500,000 shares and carry out exploration worth C$200,000.
The vendor is Jeremy Marlow, who will receive a finder’s fee of 50,000 shares, paid in stages.
The 'flow-through' units of the announced placing will be offered at C$0.07 each, the firm said, with each consisting of one share issued on a 'flow-through' basis and one warrant exercisable at C$0.075 for six months.
The use of proceeds from the flow-through units will be on exploration of the Z2 project near Falkland, the company said, while the 'hard dollar' units will be offered at $0.06 a throw, with each unit comprising one share and one warrant exercisable at $0.075 for six months.
Proceeds from the 'hard dollar' units will be for general working capital, and to repay unsecured indebtedness owing by the firm to David Richardson, a non-arm's length party, who holds over 10% of the company's shares.
The shares comprising each of the 'hard dollar' and 'flow-through' units will be issued on a post-consolidation basis.
Progressive Planet's flagship asset is the Z1 Zeolite Quarry in British Columbia.
It is also earning a 100% option on the Z2 Zeolite Property near Falkland, BC and a 100% interest in the Buckingham Graphite Project in Quebec.
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