Wednesday, January 29, 2020 9:01:45 PM
Further to the news releases dated Dec. 4, 2019, and Dec. 24, 2019, Progressive Planet Solutions Inc. has closed the second tranche of the private placement comprising 2.01 million hard-dollar units at six cents per unit for total proceeds of $120,600.
Each hard dollar unit comprises one common share and a share purchase warrant entitling the holder to purchase an additional share in the Company for $0.075 a share if exercised on or before July 29, 2020. Securities will bear legends restricting resale until May 30, 2020.
Subscribers include Investor News Network (INN). INN is a digital media company with whom the Company has entered into a service agreement, pursuant to which INN will provide comprehensive digital media services. INN provides news and education for investors in over 40 targeted categories with the opportunity to connect educated investors with trusted companies. Proactive Investors is also a digital media company, with which PLAN recently renewed an annual contract for the provision of video and editorial services.
The Company will use the proceeds from private placement for general working capital, and to repay unsecured indebtedness owing by the Company to David Richardson, a non-arm's length party to the Company for reason of holding over 10% of the issued and outstanding shares of the Company. In addition, proceeds from the private placement in the amo
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