Plan's Announcement On Richardson's Warrants 2022-05-19 18:17 ET - News Release
Mr. George Richardson, a shareholder, reports
GEORGE DAVID RICHARDSON FILES EARLY WARNING REPORT
Effective on May 18, 2022, George David Richardson (the acquiror) acquired ownership, indirectly through Countryman Investment Ltd., a company wholly owned by Mr. Richardson, of four million common shares of Progressive Planet Solutions Inc. on exercise of share purchase warrants at five cents per warrant for proceeds of $200,000.
Prior to the transactions, the acquiror directly and indirectly owned and controlled an aggregate of:
- 20,448,499 shares;
- 9,497,222 shares issuable on exercise of share purchase warrants.
That represented 23.2 per cent of the 88,309,087 issued and outstanding shares as of May 15, 2022, the date prior to the issuance of the shares, on a non-diluted basis. If the acquiror were to exercise the share purchase warrants, the acquiror would directly and indirectly own and control 29,945,721 shares or 30.6 per cent of the issued and outstanding shares calculated on a partially diluted basis.
Following the transactions, the acquiror directly and indirectly owns and controls an aggregate of:
- 24,448,499 shares;
- 5,497,222 shares issuable on exercise of share purchase warrants.
That represents 26.4 per cent of the 92,451,151 issued and outstanding shares as of May 18, 2022, the date of the issuance of the shares, on a non-diluted basis. If the acquiror were to exercise the share purchase warrants, the acquiror would directly and indirectly own and control 29,945,721 shares or 30.6 per cent of the issued and outstanding shares calculated on a partially diluted basis.
The acquiror has filed an early warning report pursuant to National Instrument 62-103 -- The Early Warning System and Related Take-Over Bid and Insider Reporting Issues describing the transactions mentioned herein with the applicable securities regulatory authorities. A copy of the early warning report is available on SEDAR under the profile of the company.
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