Details of the recent proposed acquisition of Absorbent Products Limited (APL) was a key topic in Management’s comprehensive webinar held earlier this week on January 10th.
With the completion of the deal, PLAN will not only acquire a long-standing business with revenues of over $20m in fiscal 2021, but secures a long term supply of natural pozzolans, which will help the company advance commercialization of its new green technologies for the cement industry.
PLAN was looking to raise a minimum of $3 million to a maximum of $4.5 million equity in a $0.35 unit financing to close the acquisition announced December 24th. CEO Steve Harpur shared in the webinar that he has received interest for over $5 million. Both PLAN insiders and APL are subscribing for $1.3 million in total.
As PLAN resumed trading on January 11th, the market seemed to like the news as it traded 453,000 shares or about 5x its recent average trading and closed at $0.43.