VANCOUVER, BC, Nov. 24, 2020 /CNW/ - Progressive Planet
Solutions Inc. (TSXV: PLAN) ("PLAN" or "Progressive Planet"), an
emerging leader in reducing the carbon footprint of cement products
using natural pozzolans, is pleased to announce it has sold and
optioned a combined total of 10 million of its 10.5 million shares
of Snow Lake Resources.
The sale and option agreements were made with two arms-length
purchasers. The first sale was for 1,700,000 shares at $0.04 per share for a total of $68,000 and includes an option granted by PLAN
entitling the same party to purchase an additional 4,966,666 shares
at $0.04 per share until May 11, 2021. The second sale was for 1,250,000
shares at $0.04 per share for a total
of $50,000 and includes an option
granted by PLAN to such party to purchase an additional 2,083,334
shares until August 14, 2021. As at
the date of this news release, PLAN has received $116,000 and will receive another $284,000 if the remaining shares are purchased
under the option agreements.
The sale of this non-core asset is the final step in focusing
PLAN on developing its portfolio of assets in the Kamloops area of BC. The map below shows the
location of the 3 mineral properties and the comminution plant.
PLAN intends to use the funds from this sale to purchase larger
equipment for its Comminution Plant in Spallumcheen, BC, which in
turn will support revenue growth. The comminution plant finished
commissioning in late August 2020 and
is producing and shipping product on an ongoing basis. The plant
currently has a backlog of orders from customers.
"The Snow Lake Resources shares represented a minority interest
in a company that is focused on minerals outside our area of
interest. This asset was recorded on our balance sheet at a value
of $135,388. If the options are
exercised, we will receive a total of $400,000 for 10 million of these shares. Our sole
focus going forward is to develop our pozzolan and metals
properties in BC while growing our bricks and mortar business of
making rock powders," stated Steve
Harpur, CEO.
ABOUT PROGRESSIVE PLANET
Progressive Planet is an emerging leader in reducing the carbon
footprint of cement products using natural pozzolans to replace
equivalent amounts of Portland Cement and fly ash in concrete. The
production of Portland Cement is the second largest global
generator of CO2 emissions.
Progressive Planet operates its flagship Z1 Zeolite Quarry in
Cache Creek, BC and is earning an
100% interest in the Z2 Natural Pozzolan Property near Falkland, BC and earning a 100% interest in
the Heffley Creek Metals and Natural Pozzolan Property. Progressive
Planet also operates a Comminution Facility in Spallumcheen, BC.
All three properties and the Comminution Plant are all within a
one-hour drive of Kamloops, BC, an
industrial hub with rail access to Canadian and US markets.
Forward-Looking Statements:
Neither the TSX Venture
Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this
release.
SOURCE Progressive Planet Solutions