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Pond Technologies receives extension on $3.5 Million loan to June 30, 2021 and Early Redemption Incentives
Pond Technologies receives extension on $3.5 Million loan to June 30, 2021 and Early Redem...
About this update from Pond Technologies Holdings Inc.
[{"type":"text","content":"\n\n\n\nPond Technologies receives extension on $3.5 Million loan to June 30, 2021 and Early Redemption Incentives\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\nCanada NewsWire\nCALGARY, May 15, 2019\n\n\n\nCALGARY, May 15, 2019 /CNW/ - Pond Technologies Holdings Inc. (\"Pond\"), (TSX.V: POND) On May 14, 2019, Pond signed an amendment to its $3.5m loan agreement with the court-appointed receiver and manager of Crystal Wealth Management System Ltd. (the \"Receiver\"). A general summary of the key amendments are as follows:\nThe maturity date for the loan has been extended from June 30, 2019 to June 30, 2021; A principal repayment of at least $600,000 is to be made on or before June 30, 2019; An Early Redemption Incentive of a $500,000 reduction on all outstanding principal and interest provided the loan is repaid in full by December 31, 2019; and No change to the existing interest terms. In addition, Pond will make further principal repayments to the Receiver amounting to 20% of any financings and proceeds from the sale of its Pembina oil and gas property which in total exceed $2,500,000. If the aggregate of the proceeds of any financing transactions and the sale of the Pembina asset are equal to or exceed $10,000,000, Pond will be required to repay the indebtedness in full including all principal, interest and other fees which may be outstanding at the time. If the total of such proceeds equal or exceed $10,000,000 before December 31 2019, then the Early Redemption Incentive will apply to the loan repayment in full.\nAbout Pond Technologies Inc: Located in Markham Ontario, Pond is a technology company that provides profitable solutions to the global health and wellness challenges of climate change and nutrition. Pond's proprietary growth platform, including patented advanced photonics, optimizes key growth inputs in order to provide a controlled environment that maximizes the growth of algae and other organisms. This enables industrial emitters to generate new revenue streams from the transformation of underutilized CO2 to valuable algae-based products, such as prote...