Pond Technologies Announces Closing of Previously Announced Shares for Debt Transaction
Pond Technologies Holdings Inc. (OTCQB: PNDHF) has issued 1,086,428 common shares to Georgian Villas Inc. for settling $108,642.83 in accrued interest related to a secured convertible loan of $1,988,000. The shares were priced at $0.10 each and approved by the TSX Venture Exchange, with a hold period until May 26, 2023. This move aims to preserve cash and reflects Georgian Villas' commitment to Pond. The company specializes in microalgae cultivation technology leveraging AI and CO2-management. Pond is also expanding into licensing its technology and has introduced a Biotech division focused on unique microalgae strains.
- Issuance of shares allows Pond to preserve cash flow.
- Continued commitment from Georgian Villas indicates confidence in Pond's strategy.
- Pond is expanding its technology licensing, potentially increasing future revenue.
- None.
MARKHAM, ON / ACCESSWIRE / January 25, 2023 / Pond Technologies Holdings Inc. ("Pond") (TSX.V:POND)(OTCQB:PNDHF)(FSE:4O0), an ESG company addressing global sustainability challenges of wellness and climate change, announces that, further to its press release dated December 20, 2022, Pond issued 1,086,428 common shares in the capital of the Corporation to Georgian Villas Inc. (an entity controlled by a director of Pond, Mr. Robert McLeese) in settlement of
The issuance of the shares was approved by the TSX Venture Exchange. The shares are subject to a statutory hold period which will expire on May 26th, 2023.
The settlement of such indebtedness through the issuance of shares 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 leader in controlled environment cultivation of microalgae. 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 the productivity of microalgae well beyond the capacity of outdoor algae growers and allows industrial emitters to abate and ultimately recycle CO2. Pond is currently selling microalgae-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 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.
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https://www.accesswire.com/736743/Pond-Technologies-Announces-Closing-of-Previously-Announced-Shares-for-Debt-Transaction
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