A NR posted by Progressive Planet Solutions about their 20% of...

A NR posted by Progressive Planet Solutions about their 20% of Thompson Bros. Lithium in Manitoba Canada and NVA's spinoff Snow Lake Resources.

PLAN SIGNS LOI WITH SNOW LAKE RESOURCES TO INCLUDE PROGRESSIVE PLANET'S INTEREST IN LITHIUM IPO

An agreement has been signed between Snow Lake Resources and Progressive Planet Solutions Inc. to include Progressive Planet's 20-per-cent interest in the Thompson Brothers lithium property in the upcoming Snow Lake Resources initial public offering.

The agreement has Progressive Planet receiving total consideration of $3,325,000 through a cash payment of $325,000 and the issuance of 12 million common shares in the capital of Snow Lake, to be issued at a deemed price of 25 cents per common share. In order to complete the remaining option agreement, the company will compensate Strider Resources 1.5 million of the Snow Lake shares and $325,000 as a cash payment.

Snow Lake intends to raise $3-million pursuant to its proposed flow-through financing during the remainder of 2018 to finance a drill program during the first quarter of 2019.

In relation to this transaction, Derek Knight, current chief operating officer of Progressive Planet, will be leading Snow Lake Resources as the chief executive officer. Mr. Knight will be winding up with Progressive Planet on Nov. 30, 2018, to dedicate his full attention to fast-track development of the Thompson Brothers lithium property.

"We are very excited to be partnering with Nova Minerals to include our interests together in the IPO of Snow Lake Resources. I was very impressed by the amount of exploration work that Nova was able to complete in two seasons of exploration when they had five years to complete this work in order to earn their 80-per-cent interest. We are fully supportive and behind Snow Lake's fast-track development strategy of the project and I believe moving 100 per cent of the Thompson Brothers lithium property into one vehicle fully focused on developing this property is the best option to add value for our shareholders while we focus on developing our zeolite assets.

I also wish to thank Derek for his hard work with PLAN including liaising with all parties to get this transaction completed," stated Steve Harpur, chief executive officer of Progressive Planet.

Qualified person

The technical content of this news release has been reviewed and approved by Dwayne Melrose, PGeo, a director of Progressive Planet and a qualified person as defined in National Instrument 43-101 and is a member of the Association of Professional Engineers and Geoscientists of British Columbia.

We seek Safe Harbor.

© 2018 Canjex Publishing Ltd. All rights reserved.