MARKHAM, ON / ACCESSWIRE / September 9, 2021 / Further to the press release dated August 17, 2021, Pond Technologies Holdings Inc. (“Pond“) (TSX.V:POND)(OTCQB:PNDHF)(FSE:4O0) announced additional information regarding the participation of an insider in the non-brokered private placement offering (the “Offering“).
Colmac Holdings Limited, an insider of Pond and controlled by Mr. Robert McLeese, Chairman of Pond, participated in the Offering and subscribed for 333,333 units of Pond (“Units“) in support of Pond. Each Unit was comprised of one (1) common share in the capital of Pond (“Common Shares“) and one-half (1/2) Common Share purchase warrant of Pond, as previously announced.
Insider participation constitutes a Related Party Transaction within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“). Pond has relied upon 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 Units purchased, nor the fair market value of the consideration paid for them, by insiders exceeds 25% of Pond’s market capitalization.
About Pond Technologies Holdings 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/.
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SOURCE: Pond Technologies Holdings Inc.