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PLANET VENTURES ANNOUNCES LAUNCH OF RIGHTS OFFERING
PLANET VENTURES ANNOUNCES LAUNCH OF RIGHTS OFFERING Canada NewsWire /NOT FO...
About this update from Planet Ventures Inc
[{"type":"text","content":"\n \n \n \n PLANET VENTURES ANNOUNCES LAUNCH OF RIGHTS OFFERING\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n Feb. 17, 2023\n \n \n /CNW/\n \n - Planet Ventures Inc.\n \n (TSXV: PXI) (the \"\n \n Company\n \n \" or \"\n \n Planet Ventures\n \n \"), is pleased to announce it is undertaking a rights offering to raise gross proceeds of\n \n $1,106,257\n \n . The Company will be offering 55,312,836 rights (the \"\n \n Rights\n \n \") to holders of its common shares (the \"\n \n Shareholders\n \n \") at the close of business on the record date of\n \n February 24, 2023\n \n (the \"\n \n Record Date\n \n \") on the basis of one (1) right for each one (1) common shares held (the \"\n \n Rights Offering\n \n \"). Each one (1) Right will entitle the holder to subscribe for one common share of the Company (a \"\n \n Share\n \n \") upon payment of a subscription price of\n \n $0.02\n \n per Share. Pricing of the rights offering is mandated by TSX Venture Exchange (the \"\n \n TSXV\n \n \") rules which require the Company to offer all existing shareholders a significant discount to purchase new Shares in order to provide a meaningful incentive to all Shareholders to participate in the Rights Offering. Upon completion of the Rights Offering and assuming all Rights are exercised, the Company will have 110,625,672 Shares outstanding, of which the Shares issued under the Rights Offering represent 50%.\n \n \n \n Desmond Balakrishnan\n \n , an \"insider\" and \"related party\" (as such terms are defined under applicable securities laws) of the Company, has advised the Company that he intends to exercise, subject to relevant restrictions, all of his basic subscription privileges. The Company has also entered into a standby guaranty agreement with\n \n 1184091 B\n \n .C. Ltd. (the \"\n \n Standby Purchaser\n \n \"), pursuant to which the Standby Purchaser ...