(TheNewswire)
February 21, 2024 – TheNewswire - VANCOUVER, BRITISH COLUMBIA– Planet Ventures Inc.( CSE:PXI) (the “ Company ” or “ Planet Ventures ”) , is pleasedto announce that further to its news release dated February 9, 2024,it has closed its non-brokered private placement of 100,000,000 commonshares in the capital of the Company (each, a “ Share ”) at a priceof $0.02 per Share, for aggregate gross proceeds of $2,000,000 (the“ Offering ”).
Proceeds from the Offering will be used for funding theCompany’s continued investment objectives and initiatives and forgeneral working capital purposes. All securities issued in connectionwith the Offering are subject to a statutory hold period of four (4)months and one (1) day from the date of issuance. No finder’s feeswere paid in connection with the Offering.
The subscribers in the Offering included a director andtwo (2) officers of the Company (the “ Insiders ”) whosubscribed for an aggregate of 40,250,000 Shares. The issuance ofShares to the Insiders constitutes a “related party transaction”as defined in Multilateral Instrument 61-101 - Protection of Minority Securityholders inSpecial Transactions (“ MI 61-101 ”). TheCompany is relying on the exemption from valuation requirement andminority approval pursuant to subsection 5.5(a) and 5.7(a) of MI61-101, respectively, for the insider participation in the Offering,as the Shares do not represent more than 25% of the Company’s marketcapitalization, as determined in accordance with MI 61-101.
The securities of the Company referred to in this pressrelease have not been and will not be registered under the UnitedStates Securities Act of 1933, as amended (the “ U.S. Securities Act ”), or any state securities laws. Accordingly, thesecurities of the Company may not be offered or sold within the UnitedStates unless registered under the U.S. Securities Act and applicablestate securities laws or pursuant to an exemption from theregistration requirements of the U.S. Securities Act and applicablestate securities laws. This press release does not constitute an offerto sell or a solicitation of any offer to buy any securities of theCompany in any jurisdiction in which such offer, solicitation or salewould be unlawful.
About the Company
Planet Ventures is an investment issuer that is focusedon investing in disruptive companies and industries that havehigh-growth potential. Planet Venture's unique portfolio-driveninvestment policies provide its investors with access to emerging andhigh-growth opportunities while working to shield them from anyformidable downside with their diversified approach. For more information, please visit Planet Ventures’website: https://planetventuresinc.com/
ON BEHALF OF THE BOARD OFDIRECTORS
“Christopher Cooper”
Christopher Cooper
Director
FOR FURTHER INFORMATION, PLEASECONTACT
PLANET VENTURES INC.
Tel: (604) 681-0084
Email: info@planetventuresinc.com
CAUTIONARY STATEMENT ONFORWARD-LOOKING INFORMATION
This press release contains certainforward-looking information and forward-looking statements, as definedin applicable securities laws (collectively referred to herein as"forward-looking statements"). These statements relate tofuture events or the Company's future performance. All statementsother than statements of historical fact are forward-lookingstatements. Often, but not always, forward-looking statements can beidentified by the use of words such as "plans","expects", "is expected", "budget","scheduled", "estimates", "continues","forecasts", "projects", "predicts","intends", "anticipates" or "believes",or variations of, or the negatives of, such words and phrases, orstate that certain actions, events or results "may","could", "would", "should","might" or "will" be taken, occur or be achieved.Forward-looking information in this press release includes, but is notlimited to, the anticipated use of the proceeds. Inherent inforward-looking statements are risks, uncertainties and other factorsbeyond the Company's ability to predict or control. Please also makereference to those risk factors referenced in the “Risk Factors”section of the Company’s most recently filed management’sdiscussion and analysis.
Forward-looking statements involveknown and unknown risks, uncertainties and other factors that maycause actual results to differ materially from those anticipated insuch forward-looking statements. The forward-looking statements inthis press release speak only as of the date hereof or as of the datespecified in such statement. Readers are cautioned that theforward-looking statements above do not contain an exhaustive list ofthe factors or assumptions that may affect the forward-lookingstatements, and that the assumptions underlying such statements mayprove to be incorrect. Actual results and developments are likely todiffer, and may differ materially, from those expressed or implied bythe forward-looking statements contained in this press release.
All forward-looking statementsherein are qualified by this cautionary statement. Accordingly,readers should not place undue reliance on forward-looking statements.The Company undertakes no obligation to update publicly or otherwiserevise any forward-looking statements, whether as a result of newinformation or future events or otherwise, except as may be requiredby law. If the Company does update one or more forward-lookingstatements, no inference should be drawn that it will make additionalupdates with respect to those or other forward-looking statements,unless required by law.
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