Progressive to roll back 1:3, arrange $420K placement
Progressive to roll back 1:3, arrange $420K placement
2019-12-04 20:09 ET - News Release
Mr. Stephen Harpur reports
CONSOLIDATION, POST-CONSOLIDATED BROKERED AND POST CONSOLIDATED NON-BROKERED PRIVATE PLACEMENT
Progressive Planet Solutions Inc. intends to proceed with a one-for-three consolidation of its outstanding capital, subject to TSX Venture Exchange approval, and proceed with a non-brokered private placement of 3.5 million hard-dollar units and three million flow-through units, for an aggregate total amount of $420,000.
The 3,500,000 "hard dollar" units will be offered at $0.06 per unit, with each unit consisting of one share and one warrant exercisable at $0.075 for a period of six months. Use of proceeds will be 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.
The 3,000,000 "flow through" units will be offered at $0.07 per flow through unit, with each flow through unit consisting of one common share issued on a "flow through" basis and one warrant exercisable at $0.075 for a period of six months. Use of proceeds from the flow through units will be for exploration of the Z2 project near Falkland, BC.
The shares comprising each of the "hard dollar" and "flow through" units will be issued on a post-consolidation basis.There are currently 66,419,137 common shares issued and outstanding, and there will be 22,139,712 post-consolidated common shares issued and outstanding after giving effect to the consolidation but before giving effect to the offering of "hard dollar" and "flow-through" units described above.The Company reserves the right to pay finder's fees with respect to the private placement in accordance with TSX Venture Exchange policies. The consolidation and the private placement financing each are subject to the approval of the TSX Venture Exchange.
Progressive Planet is a Canadian based mineral exploration company with its flagship Z1 Zeolite Quarry in British Columbia and is earning a 100% option on the Z2 Zeolite Property near Falkland, BC and a 100% interest in the Buckingham Graphite Project in Quebec.
We seek Safe Harbor.