Progressive Planet Solutions Inc (CVE:PLAN) said Monday that it has signed an agreement to include its 20% interest in the Thompson Brothers lithium property in Manitoba as part of the upcoming Snow Lake Resources initial public offering.
Snow Lake intends to raise C$3 million in a flow-through financing by year-end to finance drilling during the first quarter of 2019.
READ: Progressive Planet Solutions secures processing and product development facilities in Vernon, British Columbia
Under the agreement, Vancouver-based Progressive Planet will receive C$3.325 million in cash and 12 million common shares of Snow Lake at C$0.25 per common share.
Derek Knight, chief operating officer of Progressive Planet, will be leading Snow Lake Resources as CEO. Knight plans to step down from his role at Progressive Planet on November 30 to focus on the Thompson Brothers lithium property.
“We are fully supportive and behind Snow Lake's fast-track development strategy of the project,” Steve Harpur, CEO of Progressive Planet, said in a statement.
Contact Dennis Fitzgerald at dennis@proacativeinvestors.com