Pond Technologies to Satisfy Certain Debt with Issuance of Shares

Rhea-AI Summary

Pond Technologies Holdings Inc. (TSXV:POND)(OTCQB:PNDHF) has announced an agreement with Georgian Villas Inc., controlled by director Robert McLeese, to satisfy $59,980.97 in debt via the issuance of 181,761 common shares at a deemed price of $0.33 each. This strategic move allows Pond to conserve cash and reflects Georgian Villas' commitment to the company. The share issuance is pending approval from the TSX Venture Exchange and will be subject to a four-month hold period.

Positive

• Debt satisfaction of $59,980.97 through issuance of 181,761 shares.
• Cash preservation for Pond Technologies.

Negative

• None.

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

FAQ

What is the news about Pond Technologies Holdings Inc. on October 8, 2020?

On October 8, 2020, Pond Technologies announced an agreement to satisfy debt through the issuance of shares to Georgian Villas Inc.

How many shares is Pond issuing to satisfy debt?

Pond is issuing 181,761 shares to satisfy $59,980.97 in debt.

What is the deemed price per share for Pond's issuance?

The deemed price per share for the issuance is $0.33.

Is the share issuance subject to any conditions?

Yes, the share issuance is subject to approval from the TSX Venture Exchange.

What is the purpose of issuing shares to satisfy debt?

Issuing shares allows Pond Technologies to conserve cash while addressing its debt obligations.