Progressive Planet Announces New Credit Facilities - Press Release
VANCOUVER, BC / ACCESSWIRE / June 01, 2020 / Progressive Planet Solutions Inc. (TSXV:PLAN) ("PLAN" or "Progressive Planet"), an emerging leader in the commercialization of natural pozzolans to reduce the carbon footprint of cement production, announces that it has arranged for new credit facilities for up to an aggregate of $300,000 in principal amount from the Bank of Montreal. The facilities include a fixed rate term loan for up to $200,000 to finance the purchase of equipment to increase PLAN's capacity to produce fine rock powders (comminution) from both its own mineral assets as well as the ability to complete toll processing contracts for third parties. Both loans have been personally guaranteed by Mr. David Richardson, the controlling shareholder of Progressive Planet. As consideration for guaranteeing the loan, PLAN intends to issue a total of 6 million non-transferable warrants to Mr. Richardson. All three properties are within a one-hour drive of Kamloops, BC, an industrial hub with rail access to Canadian and US markets. For further information or investor relations inquiries, please contact us:. Forward-Looking Statements:. 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. SOURCE: Progressive Planet Solutions Inc. View source version on accesswire.com:.