Progressive Planet Solutions Inc (TSX-V:PLAN) said it has completed the final tranche of its previously-announced private placement, raising additional gross proceeds of C$2.2 million by issuing 6,293,140 company units.
Each unit of the final tranche was comprised of one common share plus one warrant exercisable at $0.60 until February 18, 2024, which is subject to acceleration in the second year if the company's share price trades over $0.75 for a period of 10 trading days.
The company noted that together with the first tranche, which closed on February 10, 2022, it issued 17,763,640 Progressive Planet units, raising total gross proceeds of C$6.22 million.
READ: Progressive Planet Solutions closes acquisition of Absorbent Products; plans to advance development in sustainable cement
Progressive Planet said a portion of the overall financing proceeds were used to complete its acquisition of Absorbent Products Ltd (APL), while the remaining proceeds will be used to fund further APL mineral property development as well as for APL debt retirement.
The company added that it will continue to support current APL business operations and eco-conscious product lines, while retaining all patents and intellectual property rights to help further additional developments in sustainable cement, crop nutrition and other areas.
Progressive Planet also announced that four company insiders participated in the private placement, including David Richardson, a “control person” of the company by reason of holding, directly and indirectly, more than 20% of Progressive Planet's issued shares.
The company also noted that finder's fees of $175,618 were paid to agents of Progressive Planet, alongside 501,767 agent's warrants exercisable at $0.35 per share until February 18, 2023.
The shares and warrants comprising the units sold in the offering, the agent's warrants, and the shares underlying the warrants and agent's warrants, are subject to a four month hold period expiring June 19, 2022.
Progressive Planet is an emerging technology company providing innovative circular solutions and earth-friendly micronized minerals that naturally unlock sustainability benefits across the construction and agriculture industries.
Contact Sean at sean@proactiveinvestors.com