Pond Technologies Holdings Inc. Announces TSXV Approval of Previously Announced Shares for Debt Settlement and Directors Deferred Share Unit Plan
MARKHAM, ON, March 2, 2020 /CNW/ - Pond Technologies Holdings Inc. (the "Corporation" or "Pond") (TSX.V: POND) announces that the TSX Venture Exchange ("TSXV") has approved the issuance of 167,783 common shares of Pond in satisfaction of $78,858 in advisory fees owing by Pond to Cross Pond Ventures LLC, all as more previously announced on January 24, 2020.
Pond also announces that the TSXV has accepted a Directors Deferred Share Unit Plan adopted by Pond whereby directors may elect to have all or a portion of their compensation as directors satisfied through the issuance of deferred share units. The number of such units credited to the directors will be equal to the amount elected divided by the then market price of the Pond shares listed on the TSXV and, upon ceasing to be a director, settlement of the units shall be satisfied through the payment of cash, the issuance of Pond shares, or a combination thereof, as determined by Pond. The plan was previously approved by Pond's shareholders at its annual general and special meeting of shareholders held on June 17, 2019 and the number of Pond shares reserved for issuance under the plan at any time shall not exceed 500,000 Pond shares. As of the date hereof, an aggregate of 484,942 deferred share units have been issued to Pond's directors.
The purpose of the Plan is to attract and retain qualified individuals to serve as directors of the Corporation and to relate such individuals interests more closely to the Corporation's performance and its shareholders.
About Pond Technologies Holdings Inc.:
Located in Markham, Ontario, Pond is a technology company that provides profitable solutions to the global health and wellness challenges of climate change and nutrition. Pond's proprietary growth platform, including patented advanced photonics, optimizes key growth inputs in order to provide a controlled environment that maximizes the growth of algae and other organisms. This enables industrial emitters to generate new revenue streams from the transformation of underutilized CO2 to valuable algae-based products, such as protein for animal feed and nutraceutical products like Chlorella, Spirulina, and Astaxanthin for human consumption. For more information 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.
