Progressive Planet Announces Closing of Oversubscribed Private Placement
Vancouver, British Columbia (FSCwire) - PROGRESSIVE PLANET SOLUTIONS INC. (PLAN-TSX:V) (“Progressive Planet” or the "Company”) is pleased to announce that its non-brokered, private placement is now closed with net proceeds used to finance general working capital and the drill program at the Buckingham Graphite Property this fall. No finder’s fees were paid on this placement.
Over half the placement was subscribed for by board members, advisory board members, the CEO and new COO as well as a contractor working for the Company.
The placement details at the time of closing were 8,650,000 Units at $0.05 each for total proceeds of $432,500. Each unit is subject to a hold period which expires December 11, 2018 and is comprised of one ordinary share and one full share purchase warrant of the Company. Each warrant entitles the holder to acquire one common share of the Corporation until August 10, 2020 at an exercise price of $0.10 per warrant share, subject to an acceleration clause if the shares trade at $0.15 or more for a period of ten consecutive trading days following the completion of the four-month hold period.
Progressive Planet is a Canadian based mineral exploration company with a flagship zeolite mine in British Columbia, a 20% interest in a lithium project in Manitoba and a graphite property in Buckingham, Quebec.
ON BEHALF OF THE BOARD
Signed “Stephen Harpur”
Stephen Harpur, CPA, CGA
For further information, please contact:
Derek Knight, COO
Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Progressive Planet Solutions Inc. Actual results may differ materially from those currently anticipated in such statements. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source: Progressive Planet Solutions Inc. (TSX Venture:PLAN, OTC Bulletin Board:ASHXF, FWB:ARB2)
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