PLAN Closes Private Placement Financing18 Views
VANCOUVER, BC / ACCESSWIRE / December7th, 2018 / PROGRESSIVE PLANET SOLUTIONS INC.(PLAN-TSX:V) ("Progressive Planet", "PLAN" or the "Company") ispleased to announce the successful closing of its fully subscribed non-brokeredprivate placement announced December 6, 2018 of 5,500,000 units (the "Units") at aprice of $0.05 per Unit for aggregate gross proceeds of $275,000 (the"Offering").
Each Unitis comprised of one common share (a "Share") and one Common Sharepurchase warrant (a "Warrant") of the Company.Each Warrant will entitle the holder topurchase one Share (a "Warrant Share") at a price of $0.06 per Warrant Sharefor period of 12 months from the date of Closing. Thewarrants are subject to an acceleration clause, which states that the issuerwill have the right to accelerate the expiry date of the warrants if, at anytime, the average closing price of the shares is equal to or greater than 10cents for 10 consecutive trading days. In the event of acceleration, the expirydate will be accelerated to a date that is 30 days after the issuer issues anews release, announcing that it has elected to exercise this accelerationright.
The Company did not pay anyfinders' fees in relation to the private placement.
Proceeds from the financingwill be used for general corporate purposes and for continued product researchand development.
"We are very pleased not onlywith how quickly the financing was filled but also, with just under 50% of thefinancing taken by insiders, it demonstrates their belief in and commitment tothe Company." states Stephen Harpur, CEO.
Progressive Planet is aCanadian based mineral exploration company with its flagship Z1 Zeolite Mine inBritish Columbia, an equity interest in Snow Lake Resources, a 5% interest inthe Lac Guéret Extensions Graphite Project in Quebec and a 100% interest in theBuckingham Graphite Project in Quebec.
ON BEHALF OF THEBOARD
Signed "Stephen Harpur"
Stephen Harpur,CPA, CGA, CEO
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Neither the TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSX VentureExchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Progressive Planet Solutions Inc.