Fund raising to continue development of potential revenue producing products announced.
"
The first financing consists of a non-brokered private placement of up to 3,500,000 units @ $0.065 per unit, 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 twelve months from issuance. Use of proceeds will be for general working capital and to repay loans made to the Company by Countryman Investments Ltd., a company of which David Richardson is the principal. Mr. Richardson is a "control person" of the Company by reason of holding, directly and indirectly, more than 20% of the Company's issued and outstanding shares.
The second financing consists of a non-brokered flow-through private placement of up to 3,000,000 units at $0.08 per unit, 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 twelve months. Use of proceeds will be for continued exploration on the Company's 100% owned Heffley Creek Base - Precious Metal and Pozzolan Property in BC. 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 (see the Company's news release dated August 17, 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 TSXV requirements. Finder's fee warrants will have an exercise period of 12 months, and an exercise price equal to $0.10 per share (with respect to finder's fee warrants issued in relation to the "hard dollar" financing) and also $0.10 per share (with respect to finder's fees warrants issued in relation to the "flow through" financing). All securities issued under these financings are subject to a statutory four month hold period.
