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Progressive Planet Solutions Inc V.PLAN

Alternate Symbol(s):  ASHXF

Progressive Planet Solutions Inc. is a Canada-based cleantech and a manufacturing company. The Company specializes in merging cleantech with ancient volcanic ash and minerals to create planet-friendly products that fight climate change. The Company’s properties include Z1 Zeolite Property, British Columbia; Z2 Zeolite Property, British Columbia, and Z3 Heffley Property, British Columbia. It creates bespoke products that include diatomaceous earth, soft rock phosphate, zeolite, limestone, bentonite clay, humates, biochar, and virgin / post-consumer glass. Its subsidiaries include Progressive Planet Products Inc., 0820443 B.C. Ltd., Progressive Planet Alberta Inc., and Progressive Planet US LLC.


TSXV:PLAN - Post by User

Post by 15Stanmoreon Jan 21, 2022 1:22pm
163 Views
Post# 34343567

Private Placement details

Private Placement detailsThe December news release included this paragraph:

The Company also announces a non-brokered private placement (the "Offering") to be completed concurrent with the Acquisition. Under the Offering, PLAN will offer a minimum of 9,000,000 units and a maximum of 13,500,000 units ("Units") at a price of $0.35 per Unit, for gross proceeds of $3,150,000. Each Unit will be comprised of one common share and one share purchase warrant (a "Warrant"), with each Warrant exercisable at $0.60 per share for a period of 2 year, subject to acceleration if PLAN's common shares trade at over $0.75 per share for a period of ten trading days or more after the first year. Agents of the Company will have an option to increase the size of the Offering by up to 50% at any time prior to the closing of the Offering.

Does this mean:

(a) 9 million units minimum, which can be increased at the Agent's option by 50% to a maximum of 13.5 million units,

or

(b) 13.5 million units, which can be increased at the Agent's option by 50% to a maximum of 20.25 million units?

This would be quite a difference depending on which interpretation of the paragraph is in fact correct.

Does anybody know with confidence if it is one way or the other?

Thanks.
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