MARKHAM, ON / ACCESSWIRE / November 15, 2021 / Pond Technologies Holdings Inc. (“Pond“) (TSXV:POND)(OTCQB:PNDHF)(FSE:4OO), an ESG company addressing global sustainability challenges of protein shortages and climate change, announces it has issued an amended and restated promissory note in the principal amount of CAD$1,988,500 (the “Promissory Note“) to Georgian Villas Inc. (the “Lender“), an entity controlled by the Chairman of Pond, Mr. Robert McLeese. The Promissory Note replaces and supersedes the original promissory note in the principal amount of CAD$2,000,000 issued by Pond to the Lender on November 15, 2019. The new Promissory Note has the following material attributes:
- Reduction of interest rate from 12% to 9.55% per annum, payable quarterly, with the first interest payment due on February 15, 2022;
- Promissory Note maturing on November 15, 2024;
- Is convertible by the Lender into common shares in the capital of the Corporation (“Common Shares”) at a conversion price equal to greater of (i) $0.39 per Common Share and (ii) the average closing price of a Common Share for the 30 trading days on the TSX Venture Exchange (“TSXV”) immediately preceding November 15, 2021; and
- Secured by a security interest over all present and after-acquired undertaking, property and assets of Pond (excluding its equity interest in its subsidiary, Paige Growth Technologies Inc.) pursuant to an amended and restated security agreement granted by Pond in favour of the Lender.
Mr. McLeese currently beneficially owns or controls, indirectly, 5,851,145 (12.34%) of the issued and outstanding common shares of Pond.
President and CEO at Pond, Grant Smith, said: “We are extremely pleased to announce this amended and restated convertible note held by our supportive Chairman of the Board. The term and lowering of the interest rate further stabilize Pond’s debt servicing expenses in the midst of our ongoing momentum within the business. We continue to see our sales pipeline grow as international organizations across a myriad of different industries continue to be impressed with our vertically integrated model, and we look forward to progressing on our commercialization efforts.”
About Pond Technologies
Located in Markham, Ontario, Pond is a technology leader in controlled environment cultivation of micro-algae. In over ten years of R&D, Pond has developed a robust disruptive technology platform based on artificial intelligence, proprietary LED-lights and patented CO2-management. The use of concentrated CO2 from industrial waste streams enables Pond to boost productivity of micro-algae well beyond the capacity of outdoor algae growers and allows industrial emitters to abate and ultimately recycle CO2.
Pond is currently selling micro-algae derived antioxidant astaxanthin under its Regenurex brand. As micro-algae are becoming increasingly important in pharmaceuticals and cosmetics, nutraceuticals, human nutrition, aqua farming, bioplastics and biofuels, Pond has begun to license its technology to third parties for ongoing license fees and royalties. Pond recently added a Biotech division focused on the growth of unique strains of micro-algae to be used as a reproductive medium for the expression of human anti-bodies and proteins.
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SOURCE: Pond Technologies Holdings Inc.