Progressive Planet Solutions Inc (CVE:PLAN) (OTCMKTS:ASHXF) announced Wednesday that it has closed its non-brokered private placement for 6,784,000 units at a price of $0.03 per unit to raise total proceeds of $203,520.
The Vancouver-based industrial minerals group said each unit consists of one share and one-half of a share purchase warrant, with each whole entitling the holder to buy an additional share for $0.05 by May 12, 2021. The company may accelerate the expiry date of the 3,392,000 warrants by giving written notice to the holders. The securities will bear legends restricting resale until September 13, 2020.
Progressive Planet plans to use the money towards general working capital, equipment procurement, as well as $50,000 to retire debt supplied by a company owned by its controlling shareholder David Richardson.
Insiders purchased approximately 4,134,000 units for around $124,020. The company did not have to shell out a finder's fee for the placement.
Progressive Planet is a Canadian mineral exploration company with its flagship Z1 Zeolite Quarry in British Columbia. It is also earning a 100% option on the Z2 natural pozzolan property near Falkland in the Canadian province.
The firm also owns a 100% interest in the Heffley Creek pozzolan property. All three of these projects are within a one-hour drive of the city of Kamloops.
Contact the author Uttara Choudhury at [email protected]
Follow her on Twitter: @UttaraProactive