Progressive Planet Solutions Inc (CVE:PLAN) said Thursday it has arranged a non-brokered private placement of up to 5.5 million units at a price of C$0.05 per unit for aggregate gross proceeds of C$275,000.
The company said funds will be used for general corporate purposes and for continued product research and development.
Progressive Planet is a Canadian based mineral exploration company with a zeolite mine in British Columbia.
Each unit is comprised of one common share plus one common share purchase warrant of the company, with each warrant entitling the holder to purchase one share at a price of C$0.06 per warrant share for a period of one year from the closing date.
Shares of Progressive Planet were at C$0.04 on Thursday.