MARKHAM, ON / ACCESSWIRE / October 8, 2020 / Pond Technologies Holdings Inc. ("Pond") (TSXV:POND)(OTCQB:PNDHF) announces that Georgian Villas Inc. (an entity controlled by a director of Pond, Mr. Robert McLeese) has agreed to have certain debt owing to it by Pond satisfied through the issuance of common shares in the capital of Pond ("Shares").
Georgian Villas will be issued 181,761 Shares to satisfy $59,980.97 of accrued interest owing under its $2,000,000 principal amount secured convertible loan to Pond, representing a deemed price per share of $0.33.
The issuance of the Shares remains subject to the approval of the TSX Venture Exchange. The Shares will be subject to a statutory hold period which will expire in four months and one day from the date of issuance.
This agreement 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 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.
For further information contact: Grant Smith, Chief Executive Officer, at g.smith@pondtech.com, 416-287-3835 ext. 201; or Chris Cory at c.cory@pondtech.com , 416-287-3835 ext. 215.
SOURCE: Pond Technologies Holdings Inc.
View source version on accesswire.com:
https://www.accesswire.com/609836/Pond-Technologies-to-Satisfy-Certain-Debt-with-Issuance-of-Shares
