PROGRESSIVE PLANET RECEIVES TSXV CONDITIONAL APPROVAL TO PROCEED WITH ACQUISITION OF ABSORBENT PRODUCTS LTD.
VANCOUVER, BC, Jan. 10, 2022 /CNW/ – Progressive Planet Solutions Inc. (TSXV: PLAN) (“PLAN“, “Progressive Planet” or the “Company“), an emerging provider of innovative circular solutions and eco-friendly micronized minerals for industry and agriculture, is pleased to announce that the Company has received conditional approval (the “Conditional Approval“) from the TSX Venture Exchange (the “TSXV“) for the acquisition (the “Proposed Transaction“) of Absorbent Products Ltd. (“Absorbent Products” or “APL“). More information about the Proposed Transaction is included in the press release dated December 24, 2021.
PLAN also announces that its common shares will resume trading at the open of markets on January 11, 2022.
“Today marks another important milestone for Progressive Planet, having received conditional approval from the TSXV for the acquisition of Absorbent Products Ltd.” stated Steve Harpur, CEO of PLAN. “With the conditional approval, management is now fully focused on finalizing the terms of the bank financing required to complete this transaction and to completing the previously announced private placement.” The Company will provide further information regarding the bank financing once available.
“Most of the current shareholders of APL are participating in the Company private placement evidencing that the APL shareholders believe that this transaction will be positive for both companies” said Peter Aylen, President of Absorbent Products Ltd. He then added: “We are looking forward to building our relationships with PLAN and growing APL’s business and combining it with the Company’s operations for the benefit of all the Company’s shareholders.”
The completion of the Proposed Transaction remains subject to, among other things, final approval by the TSXV and fulfillment of TSXV requirements. There is no assurance or guarantee that the acquisition will be completed as described or at all.
ABOUT PROGRESSIVE PLANET
Progressive Planet is an emerging 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 SCM’s 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.
PLAN wishes to remind you of the live Zoom webinar planned for today, Monday, January 10th at 4:00 p.m. EST / 1:00 p.m. PST. PLAN will address the acquisition, evolving corporate developments, current highlights, and future business objectives. Members of the Executive Team, including CEO Steve Harpur, will present and participate in a Q&A session. Shareholders and any other interested persons are invited to register at https://us02web.zoom.us/webinar/register/WN_bhoEyZOKR5CSng678C4F0w. For those unable to participate, a recording of the webinar will be posted to the Progressive Planet Solutions website following the live broadcast.
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, proposed bank financing with respect to same, 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 obtain bank financing; 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
For further information: or investor relations inquiries, please contact us: 1-800-910-3072, [email protected], www.progressiveplanet.ca or Jeff Walker, Vice President, The Howard Group, 403-221-0915, 888-221-0915, [email protected]