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February 21, 2024 – TheNewswire - VANCOUVER, BRITISH COLUMBIA – Planet Ventures Inc. (CSE:PXI) (the “Company” or “Planet Ventures”), is pleased to announce that further to its news release dated February 9, 2024, it has closed its non-brokered private placement of 100,000,000 common shares in the capital of the Company (each, a “Share”) at a price of $0.02 per Share, for aggregate gross proceeds of $2,000,000 (the “Offering”).
Proceeds from the Offering will be used for funding the Company’s continued investment objectives and initiatives and for general working capital purposes. All securities issued in connection with 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 fees were paid in connection with the Offering.
The subscribers in the Offering included a director and two (2) officers of the Company (the “Insiders”) who subscribed for an aggregate of 40,250,000 Shares. The issuance of Shares to the Insiders constitutes a “related party transaction” as defined in Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions (“MI 61-101”). The Company is relying on the exemption from valuation requirement and minority approval pursuant to subsection 5.5(a) and 5.7(a) of MI 61-101, respectively, for the insider participation in the Offering, as the Shares do not represent more than 25% of the Company’s market capitalization, as determined in accordance with MI 61-101.
The securities of the Company referred to in this press release have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws. Accordingly, the securities of the Company may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. This press release does not constitute an offer to sell or a solicitation of any offer to buy any securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About the Company
Planet Ventures is an investment issuer that is focused on investing in disruptive companies and industries that have high-growth potential. Planet Venture's unique portfolio-driven investment policies provide its investors with access to emerging and high-growth opportunities while working to shield them from any formidable downside with their diversified approach. For more information, please visit Planet Ventures’ website: https://planetventuresinc.com/
ON BEHALF OF THE BOARD OF DIRECTORS
“Christopher Cooper”
Christopher Cooper
Director
FOR FURTHER INFORMATION, PLEASE CONTACT
PLANET VENTURES INC.
Tel: (604) 681-0084
Email:
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
This press release contains certain forward-looking information and forward-looking statements, as defined in applicable securities laws (collectively referred to herein as "forward-looking statements"). These statements relate to future events or the Company's future performance. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified 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, or state 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 not limited to, the anticipated use of the proceeds. Inherent in forward-looking statements are risks, uncertainties and other factors beyond the Company's ability to predict or control. Please also make reference to those risk factors referenced in the “Risk Factors” section of the Company’s most recently filed management’s discussion and analysis.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in such forward-looking statements. The forward-looking statements in this press release speak only as of the date hereof or as of the date specified in such statement. Readers are cautioned that the forward-looking statements above do not contain an exhaustive list of the factors or assumptions that may affect the forward-looking statements, and that the assumptions underlying such statements may prove to be incorrect. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this press release.
All forward-looking statements herein 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 otherwise revise any forward-looking statements, whether as a result of new information or future events or otherwise, except as may be required by law. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements, unless required by law.
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