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THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRES OR DISSEMINATION IN THE UNITED STATES
April 4, 2024 – TheNewswire - VANCOUVER, BRITISH COLUMBIA – Planet Ventures Inc. (CSE: PXI) (the “Company” or “Planet Ventures”) announces that on April 3, 2024, the Company acquired 4,000,000 units (each, a “Unit”) of VIP Entertainment Technologies Inc. (“VIP”) at a price of $0.05 per Unit, for an aggregate purchase price of $200,000 (the “Acquisition”). VIP is a corporation existing pursuant to the laws of the Province of Alberta, with its head office located at 500 4th Avenue SW, Suite 3200, Calgary, Alberta, T2P 2V6.
Each Unit is comprised of one common share in the capital of VIP (a “Share”) and one-half of one Share purchase warrant (each whole warrant, a “Warrant”) entitling the holder thereof to acquire one additional Share at a price of $0.10 for a period of 18 months from the date of issuance.
The Company acquired the Units pursuant to VIP’s non-brokered private placement of Units (the “Offering”). In connection with the completion of the Offering, VIP issued 11,865,000 Units at a price of $0.05 per Unit for aggregate gross proceeds of $593,250.
Prior to the Acquisition, the Company did not beneficially own or control any securities of VIP. Following the Acquisition, the Company holds an aggregate of 4,000,000 Units, representing 10.27% of the issued and outstanding Shares on an undiluted basis and 15.41% of the issued and outstanding Shares on a partially diluted basis (based on an aggregate of 38,931,252 Shares issued and outstanding).
The Company acquired the Units for investment purposes. In pursuing such purposes, the Company reserves the right to formulate other plans or make other proposals and take such actions deemed necessary with respect to its investment in VIP. Depending on market conditions and other factors, the Company may, from time to time, increase or decrease its beneficial ownership of the securities of VIP as deemed appropriate.
This news release is being issued in connection with the filing of an early warning report (the “Early Warning Report) pursuant to the requirements of National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues and National Instrument 62-104 – Take-Over Bids and Issuer Bids. A copy of the Early Warning Report will be filed under the Company’s profile on SEDAR+ at www.sedarplus.ca and may also be obtained by contacting: Etienne Moshevich, Chief Executive Officer of the Company, at
About the Company
Planet Ventures is an investment issuer listed on the TSXV that is focused on investing in disruptive companies and industries that have high growth potential. Planet Ventures’ unique portfolio driven investment policies provide its investors with access to emerging and high-growth opportunities while shielding them from any formidable downside. For more information, please visit Planet Ventures’ website: https://planetventuresinc.com/.
The Company’s head office is located at 750 West Pender Street, Suite 303, Vancouver, British Columbia, V6C 2T7.
ON BEHALF OF THE COMPANY
“Etienne Moshevich”
Etienne Moshevich
Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT
PLANET VENTURES INC.
Tel: (604) 681-0084
Email:
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
This news 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. 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 news 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 news 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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