CALGARY, May 15, 2019 /CNW/ – Pond Technologies Holdings Inc. (“Pond“), (TSX.V: POND) On May 14, 2019, Pond signed an amendment to its $3.5 million 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:
- The 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.
About 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 protein for animal feed and nutraceutical products like Chlorella, Spirulina, and Astaxanthin for human consumption. For more information visit https://www.pondtech.com/.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved of the information contained herein.
SOURCE Pond Technologies Holdings Inc.
For further information: Steve Martin, Chief Executive Officer, at s.martin@pondtech.com, 416-287-3835 ext. 201; Chris Cory at c.cory@pondtech.com, 416‐287‐3835 ext. 215
This article was previously released via Newswire.