KAMLOOPS, BC, Aug. 3, 2022
/CNW/ - Progressive Planet Solutions Inc.
(TSXV: PLAN) ("PLAN", "Progressive Planet" or
the "Company"), a dominant manufacturer of agricultural,
household and industrial products whose pioneering blue-sky tech
turns post-consumer glass into high-performance cement using
CO2 sequestration, is pleased to announce finalization
of our amended agreement with International Zeolite Corporation
(IZ) to purchase 50% interest in IZ's Bromley Creek Zeolite
Mine. The agreement creates a systematic payment schedule over the
next 5 years.
The amended agreement outlines the payment details for the 50%
interest for $725,000. $101,933.76 has already been paid to IZ, with
PLAN now holding a 7.03% interest in the Bromley Creek Zeolite
Mine, located in Princeton, British
Columbia. The remaining $623,006.24 is payable in 20 equal quarterly
installments to March 2027, for the
remaining 42.97% interest. In addition, IZ will receive a net
royalty payment of $4.50 per metric
tonne of product mined and removed from the mine. Progressive
Planet Products remains the operator of the Bromley Creek
Mine.
The amended agreement also formalizes the option granted to PLAN
by International Zeolite to acquire up to a 50% interest in a
separate group of mineral claims known as the "Sun Group" also
located in Princeton, British
Columbia, for an additional purchase price of $725,000.00, exercisable until July 26, 2027. To date, PLAN has acquired a 2.5%
interest by paying $36,250.00.
PLAN has operated the Bud Bentonite Mine, also near Princeton, for over 24 years, so Princeton is a major operational hub for
PLAN.
"With the Canadian government's recently announced efforts to
reduce greenhouse gas emissions from fertilizer use, zeolite holds
massive potential for development of slow-release fertilizers and
fertilizer optimization," says Stephen
Harpur, CEO of PLAN.
Prior to 2021, Progressive Planet's zeolite sales comprised a
small portion of our revenue. Since then, sales are increasing and
one of PLAN's top-10 customers now purchases Z-Lite™ Feed Additive
in 25-tonne truckloads. Zeolite is also the major component
of Hydr8™ Soil Amendment, which PLAN co-packages in partnership
with EcoHealth Industries of White Rock,
BC.
"The purchase of 50% of the Bromley Creek Zeolite Mine
signifies PLAN's commitment to developing zeolite-based fertilizer
and soil-amendment products," says Ian
Grant, COO of PLAN. "We have a world-class development team,
which is evaluating the efficacy of the Bromley Creek zeolite as a
component of nitrogen, phosphorous and potassium fertilizer
blends."
About Progressive Planet
Progressive Planet is a B2B disruptive tech innovation company
providing circular solutions using micronized minerals for cement
and agricultural sectors. PLAN is developing and producing a
portfolio of proprietary solutions focused on sequestering
CO2 and minimizing the carbon footprint of our
customers.
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.
Forward-Looking
Statements:
This news release contains forward-looking information within
the meaning of Canadian securities laws. 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