Pond Technologies Announces Closing of Previously Announced Shares for Debt Transaction
News provided byACCESSWIRE
Jan 25, 2023, 4:30 PM ET
MARKHAM, ON / ACCESSWIRE / January 25, 2023 / Pond Technologies Holdings Inc. ("Pond") (TSX.V:POND)(OTCQB:PNDHF)(FSE:4O0), an ESG company addressing global sustainability challenges of wellness and climate change, announces that, further to its press release dated December 20, 2022, Pond issued 1,086,428 common shares in the capital of the Corporation to Georgian Villas Inc. (an entity controlled by a director of Pond, Mr. Robert McLeese) in settlement of $108,642.83 of accrued interest owing under its $1,988,000 principal amount amended and restated secured convertible loan to Pond, representing a deemed price per share of $0.10.
The issuance of the shares was approved by the TSX Venture Exchange. The shares are subject to a statutory hold period which will expire on May 26th, 2023.
The settlement of such indebtedness through the issuance of shares enables Pond to preserve cash and reflects Georgian Villa's continued commitment to Pond.
About Pond Technologies Holdings Inc.:
Located in Markham, Ontario, Pond is a technology leader in controlled environment cultivation of microalgae. In over ten years of R&D, Pond has developed a robust disruptive technology platform based on artificial intelligence, proprietary LED lights and patented CO2-Management. The use of concentrated CO2 from industrial waste streams enables Pond to boost the productivity of microalgae well beyond the capacity of outdoor algae growers and allows industrial emitters to abate and ultimately recycle CO2. Pond is currently selling microalgae-derived antioxidant astaxanthin under its Regenurex brand. As micro-algae are becoming increasingly important in pharmaceuticals and cosmetics, nutraceuticals, human nutrition, aqua farming, bioplastics and biofuels, Pond has begun to license its technology to third parties for ongoing license fees and royalties. Pond recently added a Biotech division focused on the growth of unique strains of micro-algae to be used as a reproductive medium for the expression of human anti-bodies and proteins.
For more information, please visit https://www.pondtech.com/.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Pond Technologies Holdings Inc.