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Berkwood exercises right to buy back 5% interest in Progressive Planet

The company issued 1.75 million units to Progressive, with each unit consisting of one common share and one-half warrant
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The company recently drilled 16 holes at the Lac Gueret South graphite project

Berkwood Resources Ltd (CVE:BKR) (OTCMKTS:CZSVF) said Tuesday that it has exercised its right to buy back the 5% interest acquired by Progressive Planet Solutions Inc. (CVE:PLAN) in October.

The Vancouver-based mining firm said in a statement that it has issued 1.75 million units to Progressive, with each unit consisting of one common share and one-half warrant. Each whole warrant is exercisable into an additional common share at an exercise price of $0.15 per share for two years.

Shares of Berkwood were unchanged at C$0.08 in Tuesday’s Canadian trading.

READ: Berkwood Resources finds three large surface graphite outcrops

"Progressive Planet is a good strategic partner,” Berkwood CEO Tom Yingling said in a statement. “We are also very happy to exchange at a price that is over market, giving our shareholders added value."

The securities have been issued with the required hold period of four months plus one day.

The company added that it recently drilled 16 diamond core holes for 2,078 meters at the Lac Gueret South project in Quebec. That brings the total drilling at Zone 1 to 5,940 meters over 43 drill holes.

The project is directly south of the Lac Gueret project operated by Mason Graphite Inc (CVE:LLG) (OTCMKTS:MGPHF).

The stock of Progressive Planet fetched C$0.04 in Tuesday’s Canadian trading.

Earlier this month, Berkwood reported finding three large graphite outcrops at the Lac Gueret South project.

Contact Dennis Fitzgerald at [email protected]

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