PLAN Signs LOI with Snow Lake Resources to Include Progressive Planet’s Interest in Lithium IPO
VANCOUVER, November 18, 2018 - Progressive Planet Solutions Inc. (TSX:V: PLAN) ("Progressive Planet", "PLAN" or the "Company") is pleased to announce that an agreement has been signed between Snow Lake Resources and Progressive Planet to include PLAN's 20% interest in the Thompson Brothers Lithium Property in the upcoming Snow Lake Resources IPO.
The agreement has PLAN receiving total consideration of $3,325,000 through a cash payment of $325,000 and the issuance of 12,000,000 common shares in the capital of Snow Lake (the "Snow Lake Shares"), to be issued at a deemed price of $0.25 per common share. In order to complete the remaining option agreement, the company will compensate Strider Resources 1,500,000 of the Snow Lake Shares and $325,000 as a cash payment.
Snow Lake intends to raise $3 million pursuant to its proposed flow-through financing during the remainder of 2018 to fund a drill program during Q1 2019.
In relation to this transaction, Derek Knight, current COO of Progressive Planet, will be leading Snow Lake Resources as the CEO. Derek will be winding up with Progressive Planet on November 30, 2018 to dedicate his full attention to fast track development of the Thompson Brothers Lithium Property.
"We are very excited to be partnering with Nova Minerals to include our interests together in the IPO of Snow Lake Resources. I was very impressed by the amount of exploration work that Nova was able to complete in two seasons of exploration when they had five years to complete this work in order to earn their 80% interest. We are fully supportive and behind Snow Lake's fast track development strategy of the project and I believe moving 100% of the Thompson Brothers Lithium Property into one vehicle fully focused on developing this property is the best option to add value for our shareholders while we focus on developing our zeolite assets. I also wish to thank Derek for his hard work with PLAN including liaising with all parties to get this transaction completed." stated Steve Harpur, CEO of Progressive Planet.
Qualified Person
The technical content of this news release has been reviewed and approved by Dwayne Melrose, P. Geo., a Director of Progressive Planet and a qualified person as defined in NI 43‐101 and is a member of the Association of Professional Engineers and Geoscientists of British Columbia.
Progressive Planet is a Canadian based mineral exploration company with a flagship zeolite mine in British Columbia, and a graphite property in Buckingham, Quebec.
ON BEHALF OF THE BOARD
Signed "Stephen Harpur"
Stephen Harpur, CPA, CGA
CEO
For further information, or to place a zeolite order, please contact:
Stephen Harpur. CEO
1-800-910-3072
SHarpur@ProgressivePlanet.ca
www.progressiveplanet.ca
Forward-Looking Statements:
Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Progressive Planet Solutions Inc. Actual results may differ materially from those currently anticipated in such 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.
