(TheNewswire)
V A N C O U V ER, British Columbia - TheNewswire - November 16, 2020 - Planet Ventures Inc. ( T S X V : PXI ) ( FSE:P6U ) (OTC: PNXPF ) ( " Planet" o r t h e " C o m pan y " ) is pleased to announce that further to its news releasedated October 5, 2020, the Company has closed its non-brokered privateplacement (the " PrivatePlacement ") for gross proceeds of$1,000,000. Pursuant to the Private Placement, the Company issued5,000,000 units of the Company (the " Units ") at aprice of $0.20 per Unit. Each Unit consists of one common share (a "Unit Share ") and one common share purchase warrant (a" Warrant "). Each Warrant entitles the holder to purchase onecommon share in the capital of the Company (a " Warrant Share "),exercisable at a price of $0.25 per Warrant Share for a period of 36months following the closing of the Private Placement.
In connection with the Private Placement, the Companypaid finder's fee in the aggregate sum of $46,270 and issued 231,350common share purchase warrants (the " Finders' Warrants ") to certain eligible finders. Each Finders' Warrantentitles the holder to purchase one common share in the capital of theCompany (a " Finder'sShare "), exercisable at a price of $0.25per Finder's Share for a period of 36 months following the closing ofthe Private Placement.
All securities issued in connection with the Offeringwill be subject to a statutory four-month hold period expiring onMarch 17, 2021 in accordance with applicable securities legislation.
The Company intends to use the net proceeds raised fromthe Private Placement for general corporate purposes, includinggeneral and administrative expenses, and investment purposes.
Two insiders of the Company participated in the PrivatePlacement and subscribed for a total of 110,000 Units for grossproceeds of $22,000. Such participation is considered to be a"related party transaction" as defined under MultilateralInstrument 61-101 (" MI61-101 "). The transaction is exempt fromthe formal valuation and minority shareholder approval requirements ofMI 61-101, as neither the fair market value of any securities issuedto insiders nor the consideration paid by such persons exceeded 25% ofthe Company's market capitalization.
The Company notes that it has not filed a material change report inconnection with the Private Placement 21 days prior to the closing ofthe Private Placement. The Company believes the shorter period wasreasonable and necessary in the circumstances as the Company wished tocomplete the Private Placement in a timely manner.
Stock Options
The Company is also pleased to announce that the Board of Directors of the Company has granted2,535,000 stock options (the " Options ") topurchase common shares of the Company (the " Option Shares ")to certain directors, officers, employees, and consultants of theCompany. The Options vest on the date of issuance and are exercisablefor a period of five years from the date of issuance at an exerciseprice of $0.50 per Option Share. The grant of Options is subject tothe approval of the TSX Venture Exchange (the " TSXV ").
A bou t Planet
Planet (TSXV:PXI), is an investment issuer listed onthe TSXV, that is focused on investing in disruptive companies andindustries that have high growth potential. Planet's unique portfoliodriven investment policies provide investors with access to emergingand high-growth opportunities while shielding them from any formidabledownside.
For more information, please visit: https://planetventuresinc.com/
ON BEHALF OF THE BOARD
" ZulaKropivnitski "
Zula Kropivnitski
Chief Financial Officer and Director
INVESTOR RELATIONS CONTACT
PLANET VENTURES INC.
Tel: (604) 681-0084
Fax: (604) 681-0094
Email: info@planetventuresinc.com
N e i t h er t h e T S X V e n t u r e E x chang e no r i ts Re gula t i o n S e r v ic e s Pr o v id e r ( a s t ha t te r m i s d ef i n ed i n t h e polici es o f t h e T S X V e n t u r e Ex chang e) acc e p ts r es p o n s i bili ty f o r t h e ad e quac y o r a ccu r ac y o f t hi s r e l e a s e.
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