Progressive Planet Solutions Inc (TSX-V:PLAN) has announced the acceleration of warrants issued under a January 2021 private placement.
The expiry date of the warrants, which are exercisable at $0.15 per share, was accelerated to expire at 5,00pm PST on August 26, 2022, from its original date of January 20, 2023. The decision came after Progressive Planet shares have closed at a price higher than $0.25 for a period of 10 consecutive trading days on the TSX Venture Exchange.
Funds received from warrant holders who chose to exercise their warrants before their accelerated expiry will be used to fund the purchase of industrial-scale equipment used to produce PozDE SCM as well as additional equipment used to make non-chemical fertilizers and soil amenders and for general working capital.
READ: Progressive Planet Solutions files patent application for under development PozGlass 100G product
The company ordered an industrial-scale disk pelletizer in May this year and is expecting receipt of this new piece of equipment in August 2022, according to a release. The disk pelletizer will be used to make non-chemical fertilizer and soil amender pellets.
Progressive Planet said it had received another two orders from Eco Health to blend Hydr8 Soil Amendment - a combination of biochar, zeolite sourced from the Bromley Creek Mine, and humates – since it announced its first order in July 2022.
"With the current heat domes experienced right now in BC, (Progressive Planet) is pleased to be making a product for Eco Health Industries which is designed to address soil compaction and to improve water use," said Progressive Planet CEO Steve Harpur.
The Kamloops, British Columbia (BC) based company is a manufacturer of agricultural, household, and industrial products with two new cement products under development, including PozGlass 100G and PozDE SCM.
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