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Progressive Planet Solutions unveils share consolidation and placing plans

In late October, the group said it was acquiring a 100% stake in a zeolite mining interest near Falkland, British Columbia

Progressive Planet Solutions Inc -
The 'flow-through' units of the announced placing will be offered at C$0.07 each, the firm said

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. 

READ: Full interview: Progressive Planet Solutions offers relief to the problem of cannabis waste

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.

Contact the author at [email protected]

Quick facts: Progressive Planet Solutions Inc

Price: 0.055 CAD

TSX-V:PLAN
Market: TSX-V
Market Cap: $1.85 m
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on 23/4/20

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