PLAN Corporate Memory - 3As noted in my prior post, the only remaining "Private Company" asset is the investment in ZS2 Technologies.
On July 15, 2021, PLAN announced an LOI that included a supply agreement with ZS2 of up to 10,000 tons annualy of Z1 Natural Pozzolan from PLAN's Z1 Natural Pozzolan Quarry. The LOI also highlights the Company agreed to invest up to $300,000 in units of a private placement in ZS2, which has since been approved by the TSX Venture Exchange. Finaly, the agreement included combining applied research efforts between PLAN and ZS2 to permanently sequester CO2 in magnesium
based cements.
The Company has now purchased 450,000 common shares of ZS2 at an out-of-pocket cost of $600,000. At April 30 2023 these were valued at a FMV of $2 per share for a total of $900,000 having recognized an unrealized gain of $300,000. PLAN also holds 300,000 share purchase warrants with a $2 strike price which are open until March 2027. These had a FMV of $270,000 as at April 30, 2023.
Rolling forward 1 year, PLAN still holds the 450,000 common shares and 300,000 warrants of ZS2, but has written the shares down by $157,000 to $742,500 and the warrants by $120,000 to $150,000 for a total writedown of $277,000.
No further change in the fair value of the ZS2 assets was made in Q1 2025.