Company Engages Venture Liquidity Providers for Market Making Services;
Sells Remaining Stake in Snow Lake Resources to Focus on Core Expansion Plans
VANCOUVER, BC, Dec. 6, 2021 /CNW/ – Progressive Planet Solutions Inc. (TSXV: PLAN) (“PLAN” or the “Company“), an emerging technology company providing innovative circular solutions and eco-friendly micronized mineral powders for industry and agriculture, is pleased to announce that the Company has retained Venture Liquidity Providers Inc. (“VLP“) to initiate market-making services. VLP will trade shares of the Company on the TSXV for the purposes of maintaining an orderly market and improving the liquidity of the Company’s shares.
The market-making service will be undertaken by VLP through a registered broker, W.D. Latimer Co. Ltd., in compliance with the applicable policies of the TSXV and other applicable laws. For its services, the Company has agreed to pay VLP $5,000 per month for a period of three months and thereafter on a month-to-month basis. The agreement may be terminated at any time by the Company or VLP.
The Company and VLP act at arm’s length, and VLP has no present interest, directly or indirectly, in the Company or its securities. The finances and the shares required for the market-making service are provided by W.D. Latimer Co. Ltd. The fee paid by the Company to VLP is for services only. The agreement is subject to TSXV approval.
In addition, the Company announces it has sold its remaining shares of Snow Lake Resources, ending a minority ownership in a business no longer concentrating on minerals that fit within PLANs core area of focus. The US$375,000 has been received in full and will be redeployed to support current business expansion efforts.
In November 2020, PLAN announced the sale and option of 10 million of its 10.5 million shares of Snow Lake Resources. Since this time, the remaining 500,000 shares were subject to a five-for-one consolidation, leaving 100,000 shares. The 100,000 shares have been sold to a private arms-length third party for US$3.75/share, avoiding a share-lockup had the shares not been sold prior to Snow Lake Resources recent IPO.
“We are heading into a new era of focused growth, and getting foundational building blocks in place to create lasting shareholder value,” said Steve Harpur, PLAN’s CEO. “Creating additional liquidity is part of this plan, and the sale of these non-core assets will be used to help accelerate expansion efforts. It’s going to be an exciting 2022.”
ABOUT PROGRESSIVE PLANET
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. Tapping into the earth’s inherent binding powers and properties, PLAN is developing and scaling a portfolio of proprietary solutions to help our customers build, grow, and operate more responsibly.
PLAN continues work on creating supplementary cementing materials (SCMs) with a focus on minimizing the carbon footprint of the SCMs we create; utilizing waste materials where possible to create the most sustainable SCMs; and sequestering CO2 in SCMs to address climate change. PLAN’s research team has begun exploring the opportunity to utilize the legacy CO2 stream generated by APL’s natural gas rotary kiln drier in operation in Kamloops.
PLAN’s operations currently include:
- A comminution facility in Spallumcheen, BC which is currently producing micronized minerals used by farmers in lieu of chemical fertilizers to promote healthy soils without the addition of chemicals,
- A research lab in Calgary, AB focused on creating SCMs and associated technologies to sequester CO2 in concrete; and,
- Three natural pozzolan properties in BC including our flagship Z1 Natural Pozzolan Quarry in Cache Creek, BC and our two pozzolan properties under development, the Z2 Natural Pozzolan Property near Falkland and the Heffley Creek Metals and Natural Pozzolan Property.
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.
This news release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding the completion of the proposed acquisition of APL, the anticipated business plan of the Company subsequent to completion of such acquisition, and the proposed private placement financing offered by the Company. Although the Company believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct.
Forward looking information is typically identified by such words as “believe,” “expect,” “anticipate,” “intend,” and similar expressions, or are those that, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including but not limited to: the Company’s ability to complete the acquisition as described; the Company’s ability to complete the proposed private placement; the general state of the industry in which the Company operates; the state of financial markets generally; and other risks and factors that the Company is not aware of at this time.
SOURCE Progressive Planet Solutions