Wednesday, September 30, 2020 7:41:37 PM
At least management is trying to minimize share dilution as well.
"Progressive Planet Solutions Inc. has closed its two financings for aggregate gross proceeds of $304,750.
There were 3,150,000 non-flow through units issued under the private placement at $0.065 per unit, for gross proceeds of $204,750. Each unit consisted of one share and one half warrant exercisable at $0.10 per share for a period of twelve months from issuance.
There were 1,250,000 flow-through units issued under the private placement at $0.08 per unit for gross proceeds of $100,000. Each flow through unit consisted 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 for the flow-through units will be for continued exploration on the Company's 100% owned Heffley Creek Metals 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).
A cash finder's fee of $7,800 was paid and 120,000 finder's fees warrants were issued. Finder's fee warrants have an exercise period of 12 months, and an exercise price equal to $0.10 per share. All securities issued under these financings are subject to a statutory four month hold period.
Progressive Planet originally announced that it would offer up to 6.5 million units in total, but received funds from the exercise of outstanding warrants at 5 cents issued from a prior financing since announcing the financing. As such, and to minimize shareholder dilution, management decided to limit the units sold under the private placement.
ABOUT PROGRESSIVE PLANET
Progressive Planet is an emerging leader in supplying solutions for a livable planet by developing low carbon, pozzolan-based, cementing products which replace equivalent amounts of Portland Cement and fly ash in concrete. The production of Portland Cement is the second largest global generator of CO2 emissions.
Progressive Planet operates its flagship Z1 Zeolite Quarry in British Columbia and is earning an 100% interest in the Z2 Natural Pozzolan Property near Falkland, BC and earning a 100% interest in the Heffley Creek Metals and Natural Pozzolan Property. All three properties are within a one-hour drive of Kamloops, BC, an industrial hub with rail access to Canadian and US markets."
Recent PLAN News
- Progressive Planet Announces Superb 28 Day Compressive Strength for New Low Carbon Cement • PR Newswire (Canada) • 05/02/2024 11:00:00 AM
- Progressive Planet Announces Superb Compressive Strength for New Low Carbon Cement • PR Newswire (Canada) • 04/11/2024 11:00:00 AM
- Progressive Planet Announces Issuance of Stock Options • PR Newswire (Canada) • 03/14/2024 09:33:00 PM
- Progressive Planet Announces Record Net Income for Q3 • PR Newswire (Canada) • 03/08/2024 07:41:00 PM
- Progressive Planet Provides Corporate Update on Cement and Fertilizer Innovation • PR Newswire (Canada) • 02/23/2024 01:30:00 PM
- Progressive Planet Completes Sale of Equipment to CarbonIP • PR Newswire (Canada) • 02/20/2024 01:30:00 PM
- Progressive Planet Announces Change of Senior Management • PR Newswire (Canada) • 02/15/2024 01:30:00 PM
- Progressive Planet Obtains up to $0.37M in Funding from NGEN for PozGlass™ 100G Pilot Plant • PR Newswire (Canada) • 02/08/2024 01:30:00 PM
- Progressive Planet Signs First Agreement for Continuing Royalty on Existing IP • PR Newswire (Canada) • 02/07/2024 01:30:00 PM
- Progressive Planet Provides Corporate Update for Fiscal Q3 2024 • PR Newswire (Canada) • 02/01/2024 01:30:00 PM
- Progressive Planet Reports Record Quarterly Revenues and Income from Operations in Fiscal Q2 2024 • PR Newswire (Canada) • 12/06/2023 03:09:00 PM
- Bromley Creek Quarry Receives New 5-Year Permit • PR Newswire (Canada) • 11/27/2023 01:30:00 PM
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- Progressive Planet Provides Operational Update • PR Newswire (Canada) • 10/30/2023 12:30:00 PM
- Progressive Planet Launches New Soil Conditioner Product to Further Reduce Chemical Fertilizer Application • PR Newswire (Canada) • 10/06/2023 12:30:00 PM
- Progressive Planet Reports Financial Results for Fiscal Q1 2024 • PR Newswire (Canada) • 09/25/2023 05:47:00 PM
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- TSX Venture Exchange Stock Maintenance Bulletins • PR Newswire (Canada) • 09/08/2023 11:57:00 PM
- Progressive Planet Shares to Resume Trading on Tuesday, September 12, 2023 • PR Newswire (Canada) • 09/08/2023 11:14:00 PM
- Suspension de la négociation par l'Organisme canadien de réglementation des investissements - PLAN • PR Newswire (Canada) • 09/05/2023 03:25:00 PM
- Canadian Investment Regulatory Organization Trading Halt - PLAN • PR Newswire (Canada) • 09/05/2023 03:22:00 PM
- Progressive Planet Reports 2023 Year End Financial Results • PR Newswire (Canada) • 09/02/2023 01:05:00 AM
- Progressive Planet Announces New Target Filing Date • PR Newswire (Canada) • 08/28/2023 09:09:00 PM
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