Pond Technologies Adds Information Regarding Insider Participation in Recently Completed Private Placement
Pond Technologies Holdings Inc. (OTCQB:PNDHF) has provided additional details on insider participation in its recent non-brokered private placement. Colmac Holdings Limited, controlled by Chairman Robert McLeese, acquired 333,333 units, each consisting of one common share and one-half purchase warrant. This insider transaction is considered a Related Party Transaction under Multilateral Instrument 61-101. Pond has invoked exemptions from formal valuation and minority approval processes as the transaction does not exceed 25% of its market cap.
- Insider participation indicates confidence in the company.
- The transaction may enhance liquidity through additional capital.
- Reliance on exemptions from formal valuation could raise concerns among investors regarding transparency.
MARKHAM, ON / ACCESSWIRE / September 9, 2021 / Further to the press release dated August 17, 2021, Pond Technologies Holdings Inc. ("Pond") (TSX.V:POND)(OTCQB:PNDHF)(FSE:4O0) announced additional information regarding the participation of an insider in the non-brokered private placement offering (the "Offering").
Colmac Holdings Limited, an insider of Pond and controlled by Mr. Robert McLeese, Chairman of Pond, participated in the Offering and subscribed for 333,333 units of Pond ("Units") in support of Pond. Each Unit was comprised of one (1) common share in the capital of Pond ("Common Shares") and one-half (1/2) Common Share purchase warrant of Pond, as previously announced.
Insider participation constitutes a Related Party Transaction within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Pond has relied upon the exemptions from the formal valuation and minority shareholder approval requirements contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively. Neither the fair market value of the Units purchased, nor the fair market value of the consideration paid for them, by insiders exceeds
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 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 news release.
For further information contact: Grant Smith, Chief Executive Officer, at g.smith@pondtech.com, 416-287-3835 ext. 201; or Cole Stevens at c.stevens@pondtech.com, 416-287-3835 ext. 215
SOURCE: Pond Technologies Holdings Inc.
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FAQ
What was the insider participation in Pond Technologies' private placement?
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