Planet X II Capital Corp. Completes Initial Public Offering

Vancouver, British Columbia–(Newsfile Corp. – February 10, 2022) – Planet X II Capital Corp. (TSXV: PLXX.P) (the “Company“) is pleased to announce that, on February 10, 2022, it completed an initial public offering (the “Offering“) in British Columbia, Alberta and Ontario of 2,000,000 common shares (“Common Shares“) in the capital of the Company at a price of $0.10 per Common Share for gross proceeds of $200,000 pursuant to a final prospectus dated November 15, 2021 (the “Prospectus“). Following closing of the Offering, a total of 4,100,000 Common Shares are issued and outstanding, of which 2,100,000 are currently held in escrow pursuant to the policies of the TSX Venture Exchange (the “TSX-V“), as disclosed in the Prospectus.

The net proceeds of the Offering, together with the proceeds from prior sales of Common Shares will be used by the Company to identify and evaluate assets or businesses for acquisition with a view to completing a Qualifying Transaction under the TSX-V’s capital pool company program.

Pursuant to the agency agreement dated November 15, 2021, Research Capital Corporation (the “Agent“) acted as agent for the Offering. In connection with the Offering, the Company granted to the Agent, options to acquire up to an aggregate of 200,000 Common Shares at a price of $0.10 per Common Share for a period of 24 months from the date on which the Common Shares are listed on the TSX-V. Furthermore, the Agent also received a cash commission of $20,000, representing 10% of the aggregate gross proceeds of the Offering and a corporate finance fee of $12,500 plus applicable taxes.

At the closing of the Offering, the Company also granted stock options (the “Options“) to directors of the Company to acquire up to an aggregate of 405,000 Common Shares. Each Option is exercisable to acquire one Common Share at a price of $0.10 any time prior to February 10, 2032. The Options will be held in escrow pursuant to the policies of the TSX-V, as disclosed in the Prospectus.

The TSX-V has accepted the Company’s listing application and the Common Shares are anticipated to resume trading on the TSX-V at the opening of business on February 14, 2022, under the trading symbol PLXX.P. The Company’s CUSIP is 72706M107 and ISIN is CA72706M1077.

For further information please see the Prospectus, available under the Company’s profile on SEDAR at www.sedar.com.

About the Company

The Company is a capital pool company (“CPC“) within the meaning of the policies of the TSX-V that has not commenced commercial operations and has no assets other than cash. The current directors and officers of the Company are: Bassam Moubarak (CEO, CFO, Corporate Secretary and Director), Paul Matysek (Director) and Dino Minicucci (Director). Except as specifically contemplated in the CPC policies of the TSX-V, until the completion of its “Qualifying Transaction” (as defined therein), the Company will not carry on business, other than the identification and evaluation of companies, business or assets with a view to completing a proposed “Qualifying Transaction”.

For more information please contact the Company: Bassam Moubarak at 604-618-4919 or email: bm@bmstrategiccapital.com.

On Behalf of the Board of Directors of Planet X II Capital Corp.

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Bassam Moubarak
Director

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements.

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