Business
Pond Technologies Announces Closing of Non-Brokered Private Placement Including Insider Participation
Pond Technologies Announces Closing of Non-Brokered Private Placement Including Insider P...
About this update from Pond Technologies Holdings Inc.
[{"type":"text","content":"\n \n \n \n Pond Technologies Announces Closing of Non-Brokered Private Placement Including Insider Participation\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n MARKHAM, ON\n \n \n ,\n \n \n Nov. 16, 2022\n \n \n /CNW/ - Further to its press release dated\n \n November 1\n \n 2022, Pond Technologies Holdings Inc. (\"\n \n Pond\n \n \") (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 (\"\n \n Private Placement\n \n \") in the amount of 3,750,000 common shares in the capital of Pond (\"\n \n Common Shares\n \n \") at a purchase price of\n \n $0\n \n .12 per Common Share for aggregate gross proceeds of\n \n $450,000.00\n \n . The Common Shares issued pursuant to the Private Placement are subject to a statutory hold period expiring\n \n March 16, 2023\n \n .\n \n \n 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\n \n $348,000\n \n . Insider participation constitutes a \"related party transaction\" within the meaning of Multilateral Instrument 61-101 –\n \n Protection of Minority Security Holders in Special Transactions\n \n (\"\n \n MI 61-101\n \n \"). 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.\n \n \n Net proceeds of the Private Placement will be used by Pond for general working capital purposes.\n \n \n \n About Pond Technologies Holdings Inc.:\n \n \n \n Located in\n \n Markham, Ontario\n \n , Pond is a technology leader in controlled environment cultivation of microalgae. In over ten years of R&D, Pond has developed a robust ...