Progressive Planet closes acquisition of Absorbent Products Ltd.
by CM Staff
The company says it will relocate its head office to Kamloops, British Columbia to be closer in proximity to its current and newly acquired mineral properties.
VANCOUVER — Progressive Planet Solutions Inc. has closed its acquisition of Absorbent Products Ltd., a manufacturer of mineral-based products derived from diatomaceous earth, zeolite, and bentonite.
PLAN will continue to support current APL business operations and eco-conscious product lines, while retaining all patents and intellectual property rights. In addition, PLAN intends to advance further development in sustainable cement, crop nutrition and other areas.
Under the acquisition, the company assumes control of all the outstanding securities of APL. At closing, the Company paid the former APL shareholders $8,922,933, assumed $2,118,231 of debt, and issued 3,428,570 common shares at a price of $0.35 per share. The shares issued have a four month hold period expiring June 19, 2022.
“This acquisition strengthens our leadership base and will help accelerate our sustainable innovation growth opportunities,” said Steve Harpur, CEO of Progressive Planet in a statement.
“We’ve now secured access to rich supplies of natural pozzolans including diatomaceous earth, bentonite and zeolite, all of which are key to our providing the next generation of materials, many of which have the added benefits of helping to minimize carbon footprints, improve biodiversity and sequester greenhouse gasses.”
With the completion of the acquisition, the company says it will relocate its head office to Kamloops, British Columbia to be closer in proximity to its current and newly acquired mineral properties.