/NOT FOR DISTRIBUTION IN THE USA/
KAMLOOPS, BC, April 28,
2023 /CNW/ - Progressive Planet (TSXV: PLAN) (OTCQB:
ASHXF) ("Progressive Planet", "PLAN", or the "Company") a
manufacturer of CleanTech products to fight climate change and
restore ecosystems, is pleased to announce it has closed the
private placement which was announced on April 14, 2023.
The non-brokered offering was for four million units at a price
of $0.25 per unit for gross proceeds
of $1 million, with the Company
reserving discretion to increase the offering by an additional one
million units. A total of five million units were completed for
gross proceeds of $1,250,000.
"Just over fourteen months ago, Progressive Planet borrowed
$11 million to purchase an
established and vertically integrated CleanTech manufacturing
company with a 30-year track record," said Progressive Planet CEO
Steve Harpur. "The planet-friendly
consumer products Progressive Planet makes from these operations
are in 10,000+ retail stores in North
America. The established distribution network and
manufacturing expertise acquired accelerates the commercialization
of the portfolio of proprietary planet-friendly fertilizers and
cement replacement products being brought to market over the next
24 months."
Each unit consists of one common share and one full warrant
exercisable at $0.25/share for a
period of one year from issuance. The shares and warrants
comprising the units, and the shares underlying the warrants, are
subject to a four month hold period expiring August 28, 2023. The warrants will be subject to
acceleration if the Company's shares trade above $0.35 for ten business days after the four-month
hold expires.
Finder's fees of $28,075 and
224,600 broker warrants were paid in conjunction with the
financing. Insiders of Progressive Planet including the CEO, the
CFO, and its largest shareholder each invested for 600,000 units of
the placement for a total of $450,000. No finder's fees or broker warrants
were issued in relation to the investment of the three company
insiders. Each broker warrant is exercisable at $0.25 per share for a period of one year.
Proceeds from the private placement, along with current cash
reserves, were used to pay off $1.3
million in two high-interest bank loans which were floating
rate loans.
"I am pleased that our total debt is now less than $6.7 million and all of this long-term debt has
terms of prime plus 75 basis points," added Harpur. "With our new
fiscal year starting on May 1, 2023,
we are now focused on growing sales and improving efficiencies
within our legacy operations while also focusing on bringing a
series of new products to market."
Progressive Planet provides regular information for investors on
its website: progressiveplanet.com/investors/. This includes press
releases and other information about financial performance, patents
filed, and information on corporate governance.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accept responsibility for the adequacy or
accuracy of this release.
About Progressive
Planet:
We are a well-established CleanTech and manufacturing company
based in Kamloops, British
Columbia, in the heart of some of Canada's richest
volcanic fields, which are the prime ingredient of our innovations.
Our expertise lies in merging CleanTech with ancient volcanic ash
and minerals to create planet-friendly products that fight climate
change and protect our planet's health.
Our products are in 10,000+ retail stores across North America. Our innovations, created at our
C-Quester™ Centre of Sustainable Innovation, are bringing positive
disruption to the cement, agricultural and animal-care sectors to
create products that contribute to reducing carbon footprints and
restoring ecosystems.
Forward-Looking
Statements:
Certain statements in this release are forward-looking
statements, which reflect the expectations of management regarding
the matters described herein. Forward-looking statements consist of
statements that are not purely historical, including any statements
regarding beliefs, plans, expectations, or intentions regarding the
future. Such statements are subject to risks and uncertainties that
may cause actual results, performance, or developments to differ
materially from those contained in the statements. No assurance can
be given that any of the events anticipated by the forward-looking
statements will occur or, if they do occur, what benefits the
Company will obtain from them. These forward-looking statements
reflect management's current views and are based on certain
expectations, estimates and assumptions which may prove to be
incorrect. A number of risks and uncertainties could cause our
actual results to differ materially from those expressed or implied
by the forward-looking statements, including factors beyond the
Company's control. These forward-looking statements are made as of
the date of this news release.
Disclaimer:
This news release, required by Canadian laws, does not
constitute an offer of securities and is not for distribution or
dissemination outside Canada.
SOURCE Progressive Planet Solutions