Pond Technologies to Satisfy Certain Debt with Issuance of Shares
MARKHAM, ON, May 19, 2020 /CNW/ - Pond Technologies Holdings Inc. ("Pond") (TSX.V: POND) (OTCQB: PNDHF) an ESG company addressing global sustainability challenges of climate change and nutrition, announced today that Cross Pond Ventures LLC ("Cross Pond"), Georgian Villas Inc. (an entity controlled by a director of Pond, Mr. Robert McLeese), Steve Martin (a former director and officer of Pond) and ExCap Advisors Inc., (a company owned by Kevin Andrade, a former officer of and consultant to Pond) have agreed to have certain amounts owing to them under contractual agreements with Pond satisfied through the issuance of common shares in the capital of Pond ("Shares").
Under the terms of the agreements: (1) Cross Pond will be issued 386,902 Shares as payment for $85,118.46 of advisory fees owing under its Master Project Development Agreement with Pond, representing a deemed price per share of $0.22; (2) Georgian Villas Inc. will be issued 259,152 Shares to satisfy $57,013.49 of accrued interest on its $2,000,000 principal amount secured convertible loan to Pond, representing a deemed price per share of $0.22; (3) ExCap Advisors Inc. will be issued 149,277 Shares in satisfaction of $35,080 of consulting fees owing, representing a deemed price per share of $0.235; and (4) Steven Martin will be issued 73,214 Shares to satisfy $16,839.25 owing pursuant to past services rendered to Pond, representing a deemed price per share of $0.23.
The issuance of the Shares remains subject to the approval of the TSX Venture Exchange. The Shares issued will be subject to a statutory hold period which will expire in four months and one day from the date of issuance.
The agreements enable Pond to preserve cash and reflects all participants' continued commitment to Pond.
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.
