Pond Technologies Announces $3,500,000 Private Placement Offering of Units

Rhea-AI Summary

Pond Technologies Holdings Inc. (OTCQB: PNDHF) announced a non-brokered private placement of up to 10,000,000 units at $0.35 each, aiming for total gross proceeds of up to $3,500,000. Each unit will consist of a common share and a warrant to purchase another common share at $0.45, expiring in two years. The funds are earmarked for general working capital. The TSX Venture Exchange conditionally accepted the offering, requiring a closure by March 5, 2021.

Positive

• Offering aims to raise up to $3,500,000 for working capital.
• Each unit includes a warrant for shares at $0.45, potentially increasing shareholder value.

Negative

• Offering price of $0.35 may indicate low market confidence.
• Proceeds are only for general working capital, not designated for growth initiatives.

MARKHAM, ON / ACCESSWIRE / February 18, 2021 / Pond Technologies Holdings Inc. ("Pond") (TSXV: POND)(OTCQB:PNDHF)(FSE:400) announced today that it has commenced a non-brokered private placement offering (the "Offering") of up to 10,000,000 units of Pond ("Units") at a purchase price of $0.35 per Unit for aggregate gross proceeds of up to $3,500,000.

Each Unit is comprised of one (1) common share in the capital of Pond ("Common Shares") and one (1) Common Share purchase warrant of Pond ("Warrants"), with each Warrant entitling the holder thereof to purchase one (1) Common Share at a purchase price of $0.45 and expiring on the date that is the earlier of: (i) 30 days after the date on which Pond gives notice to the holders of the Warrants after the Common Shares have traded at a closing price of greater than $1.35 per Common Share for 20 consecutive trading days on the TSX Venture Exchange (the "TSXV") and (ii) the date that is two years after the date that the Warrant is issued. The Common Shares and Warrants comprising the Units will be subject to a statutory hold period which will expire in four months and one day from the date of issuance.

Proceeds of the Offering are presently intended to be used for general working capital purposes.

The TSXV has conditionally accepted the Offering, requiring Pond to close the Offering and to satisfy the TSXV's final acceptance requirements by no later than March 5, 2021.

About Pond Technologies Holdings Inc.:

Located in Markham, Ontario, Pond is a technology leader in controlled environment cultivation of micro-algae. 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 productivity of micro-algae well beyond the capacity of outdoor algae growers and allows industrial emitters to abate and ultimately recycle CO₂. Pond is currently selling micro-algae 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 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 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/630645/Pond-Technologies-Announces-3500000-Private-Placement-Offering-of-Units

FAQ

What is the purpose of Pond Technologies' private placement offering?

The proceeds from the private placement are intended for general working capital purposes.

What is the maximum amount Pond Technologies hopes to raise from the offering?

Pond Technologies aims to raise up to $3,500,000 from the offering.

When is the closing date for the private placement offering by Pond Technologies?

The offering must close by March 5, 2021, as per TSX Venture Exchange requirements.

What does each unit in the Pond Technologies offering consist of?

Each unit comprises one common share and one warrant to purchase an additional common share.

What is the exercise price of the warrants in Pond Technologies' offering?

The exercise price of the warrants is $0.45.