KAMLOOPS, BC - Progressive Planet Solutions Inc. (TSXV: PLAN) ("PLAN", "Progressive Planet" or the "Company"), a dominant manufacturer of agricultural, household, and industrial products introducing blue-sky tech that turns post-consumer glass into high-performance cement using CO2 sequestration, announces that is providing notice by way of press release to the holders of warrants issued under the Company's private placement of units which closed on January 20, 2021, exercisable at $0.15 per share. The expiry date of such Warrants has now been accelerated, such that such Warrants will expire at 5:00PM (Pacific Standard time) on August 26, 2022, being that date, which is thirty (30) days from today's date of July 27, 2022.
The shares of Progressive Planet Solutions have closed at a price higher than $0.25 per share as quoted on the TSX Venture Exchange (the "Exchange") and also on all other securities exchanges, quotation systems and markets on which the common shares are listed and where a majority of the trading volume of such common shares occurs) for a period of ten (10) consecutive trading days from today's date. In accordance with the terms of the Warrants, PLAN is accelerating the expiry date of aforementioned Warrants, which was originally January 20, 2023.
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.
PLAN ordered an industrial scale disk pelletizer in May 2022 and is expecting receipt of this new piece of equipment in August 2022. The disk pelletizer will be used to make non-chemical fertilizer and soil amender pellets.