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Pond Technologies Announces Settlement of Crystal Wealth Loan and Upsize of Private Placement to $8 Million Secured Convertible Debentures
Pond Technologies Announces Settlement of Crystal Wealth Loan and Upsize of Private Placement to ...
About this update from Pond Technologies Holdings Inc.
[{"type":"text","content":"\n \n \n \n Pond Technologies Announces Settlement of Crystal Wealth Loan and Upsize of Private Placement to $8 Million Secured Convertible Debentures\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. 6, 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, is pleased to announce that, further to its press releases dated\n \n June 6, 2023\n \n and\n \n October 2, 2023\n \n , pursuant to a settlement agreement dated\n \n October 5, 2023\n \n , between its subsidiary, Pond Technologies Inc., and Grant Thornton Limited, in its capacity as court-appointed receiver and manager of Crystal Wealth Management System Limited, Pond has now settled in full all of its obligations owing under the Crystal Wealth loan.  The loan was settled on favourable terms by payment of\n \n $1.2 million\n \n , funded by a short-term advance provided to Pond from Colmac Holdings Limited (an entity controlled by Pond's Chairman, Mr.\n \n Robert McLeese\n \n ). Such advance is intended to be repaid from the proceeds of Pond's previously announced private placement (the \"\n \n Private Placement\n \n \") of convertible debentures (the \"\n \n Convertible Debentures\n \n \").\n \n \n Pond is pleased to announce that it has increased the size of its Private Placement to\n \n $8 million\n \n thanks to the receipt of subscriptions representing an oversubscription to its previously announced\n \n $5.25 million\n \n maximum. The Convertible Debentures bear interest at 12% per annum, are convertible into common shares of Pond (\"\n \n Common Shares\n \n \") at the option of the holders thereof at any time at a conversion price of\n \n $0.20\n \n per share (the \"\n \n Conversion Price\n \n \"), and mature three (3) years from the date of issuance. In the event that, following closing, the daily volume weighted average trading price (or closing bid price on days whe...