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Progressive Planet announces two financings for gross proceeds of up to $467,500

The first financing consists of a private placement of up to 3.5 million units at $0.065 each, while the second scheme is a flow-through private placement of up to 3 million units at $0.08 each

Progressive Planet Solutions Inc - Progressive Planet Solutions Inc announces two financings for aggregate gross proceeds of up to $467,500
Use of proceeds will be for general working capital, to repay loans and continue exploration on its Heffley Creek Base Precious Metal and Pozzolan Property in British Columbia 

Progressive Planet Solutions Inc (CVE:PLAN), an emerging leader in the commercialization of natural pozzolans to reduce the carbon footprint of cement production, has announced two financings for aggregate gross proceeds of up to $467,500.

In a statement Tuesday, PLAN said the first financing consists of a non-brokered private placement of up to 3.5 million units at $0.065 each, for gross proceeds of up to $227,500. Each such unit will consist of one share and one half warrant exercisable at $0.10 per share for a period of 12 months from date of issuance. 

Use of proceeds will be for general working capital and to repay loans made to PLAN by Countryman Investments Ltd, a company in which shareholder David Richardson is the principal. Richardson is a "control person" of the company by reason of holding, directly and indirectly, more than 20% of issued and outstanding shares.

READ: Progressive Planet set to explore further at Heffley Creek project after finding nickel-in-soil anomaly

The second financing consists of a non-brokered flow-through private placement of up to 3 million units at $0.08 apiece, for gross flow through proceeds of up to $240,000. 

Each flow through unit will consist of one "flow through" common share and one half warrant exercisable at $0.10 per share for a period of 12 months. Use of proceeds will be for continued exploration on the company's 100% owned Heffley Creek Base Precious Metal and Pozzolan Property in British Columbia. 

PLAN recently announced it had discovered nickel in bedrock at the Heffley Creek Property and announced its intention to accelerate its exploration program for Heffley Creek for the remainder of 2020.

There are currently 33,638,711 common shares issued and outstanding. Eligible finders may receive a 5% cash finders' fees and 5% finder's fee warrants, subject to the exchange’s requirements. 

Contact the author: patrick@proactiveinvestors.com

Follow him on Twitter @PatrickMGraham

 

Quick facts: Progressive Planet Solutions Inc

Price: 0.06 CAD

TSX-V:PLAN
Market: TSX-V
Market Cap: $2.28 m
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Progressive Planet Solutions 'pleased' with nickel bedrock samples at...

Progressive Planet Solutions Inc (CVE:PLAN) CEO Steve Harpur tells Proactive the firm is accelerating exploration at the Heffley Creek metals and natural pozzolan project for the rest of 2020 after it uncovered a nickel-in-soil anomaly. Harpur says grab samples have included assays of greater...

on 17/8/20

2 min read