MARKHAM,
ON, Nov. 16, 2022 /CNW/ - Further to its press
release dated November 1 2022, Pond
Technologies Holdings Inc. ("Pond") (TSXV: POND) (OTCQB:
PNDHF) (FSE: 400), an ESG company addressing global
sustainability challenges of wellness and climate change, announces
the closing yesterday of its non-brokered private placement
("Private Placement") in the amount of 3,750,000 common
shares in the capital of Pond ("Common Shares") at a
purchase price of $0.12 per
Common Share for aggregate gross proceeds of $450,000.00. The Common Shares issued pursuant to
the Private Placement are subject to a statutory hold period
expiring March 16, 2023.
The Private Placement included subscriptions by certain insiders
of Pond for a total of 2,900,000 Common Shares at an aggregate
subscription price of $348,000.
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
Common Shares purchased by such insider nor the fair market value
of the consideration paid for the insider exceeds 25% of Pond's
market capitalization.
Net proceeds of the Private Placement will be used by Pond for
general working capital purposes.
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.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accept
responsibility for the adequacy or accuracy of this
release.
SOURCE Pond Technologies Holdings Inc.