Pond Technologies Announces Closing of Final Tranche of Non-Brokered Private Placement
MARKHAM, ON, May 12, 2023 /CNW/ - Further to its press release dated March 28, 2023, 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 the final tranche of its non-brokered private placement ("Private Placement") in the amount of 725,000 common shares in the capital of Pond at a purchase price of $0.07 per common share for aggregate gross proceeds of $50,750. The common shares issued pursuant to the final tranche of the Private Placement are subject to a statutory hold period expiring September 12, 2023.
In aggregate, Pond raised $421,750 (6,024,299 common shares) pursuant to the two tranches of the Private Placement. Net proceeds of the Private Placement will be used by Pond for general working capital purposes.
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.
This press release contains forward–looking statements within the meaning of applicable securities laws, including statements regarding use of proceeds of the Private Placement. Such forward–looking statements are based on certain key expectations and assumptions made by Pond, including, among others, assumptions regarding continued commercialization of Pond's technology, the successful negotiation of licensing, supply and commercial agreements on terms acceptable to Pond, the continued legislative regime in which Pond operates, availability of cost–effective labour and supplies, the proper functioning of Pond's technology, the quality of the algae and recombinant proteins produced, the demand for Pond's products, the ability of Pond to successfully compete, cash flow and expenses, and obtaining and maintaining intellectual property protection. Although Pond believes that the expectations and assumptions on which such forward–looking statements are based are reasonable, undue reliance should not be placed thereon and Pond can give no assurance that they will prove to be correct. By their nature, such forward–looking statements are subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed, including the risks set forth in Pond's annual information form and management's discussion and analysis of financial condition and results of operations for its year ended December 31, 2022, available on Pond's profile on the SEDAR website at www.sedar.com.
Readers are cautioned not to place undue reliance on this forward–looking information, which is given as of the date hereof, and to not use such forward–looking information for anything other than its intended purpose. Pond does not undertake any obligation to update publicly or revise any forward–looking information, whether as a result of new information, future events or otherwise, except as required by law.
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.
Grant Smith, Chief Executive Officer, at [email protected], 416-287-3835 ext. 201; or Thomas Masney at [email protected]
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