Progressive Planet Solutions Inc (CVE:PLAN) (FRA:ARB3) announced plans to raise C$1.4 million gross from a private placing for general working capital.
The company, which is focused on commercializing natural pozzolan products to reduce the carbon footprint of cement, said it would offer up to 7 million units at C$0.20 each. Each unit consists of one share and one share purchase warrant, which entitles the holder to buy a further company share for C$0.25 per share for two years.
READ: Progressive Planet Solutions engages C&CS Atlantic Inc. to complete the testing required to commercially launch PozGlass SCM
Progressive Planet also noted in the brief statement that Countryman Investments Ltd, a company which David Richardson is the principal, intends to subscribe for 500,000 units.
Richardson holds, directly and indirectly, more than 20% of the firm's share capital and is thus a so-called 'control person'.
Progressive Planet operates its flagship Z1 zeolite quarry in British Columbia (BC) and is earning into the Z2 natural pozzolan property near Falkland, BC and also into the Heffley Creek metals and natural pozzolan property.
All three are within a one-hour drive of Kamloops, BC, an industrial hub with rail access to Canadian and US markets.
Shares in the company closed at C$0.26 each in Toronto on Monday.
Contact the author at giles@proactiveinvestors.com