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Pond Technologies Announces Non-Brokered Private Placement Including Insider Participation and Granting of Restrictive Share Units
Pond Technologies Announces Non-Brokered Private Placement Including Insider Participation and Gr...
About this update from Pond Technologies Holdings Inc.
[{"type":"text","content":"\n \n \n \n Pond Technologies Announces Non-Brokered Private Placement Including Insider Participation and Granting of Restrictive Share Units\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 March 28, 2023\n \n \n /CNW/ - 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, today announced a non-brokered private placement (\"\n \n Private Placement\n \n \") of up to 17,857,143 common shares of Pond (\"\n \n Common Shares\n \n \") at a purchase price of $0.07 per Common Share for aggregate gross proceeds of up to\n \n $1,250,000\n \n . No warrants are being issued pursuant to the Private Placement, and the Private Placement may be completed in one or more tranches.\n \n \n The first tranche of the Private Placement closed today with the issuance of 5,299,999 Common Shares for gross proceeds of\n \n $371,000\n \n , of which 1,785,714 Common Shares\n \n ($125,000)\n \n was subscribed for by Colmac Holdings Limited (an entity controlled by Mr.\n \n Robert McLeese\n \n , a director of Pond). The Common Shares are subject to a statutory hold period expiring four months and a day from the date of issuance.\n \n \n The Private Placement has received conditional approval from the TSX Venture Exchange. Net proceeds of the Private Placement will be used by Pond for general working capital purposes.\n \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 is relying on 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 to be purchased by insiders nor the fair market value of the consideration to be paid for by them will e...