MARKHAM, ON, Jan. 24, 2020 /CNW/ - Pond Technologies Holdings Inc. ("Pond") (TSX.V: POND) (OTC: IOGIF) announced today that its strategic project development partner, Cross Pond Ventures LLC, ("Cross Pond"), has agreed to have certain amounts owing under its Master Project Development Agreement with Pond satisfied through the issuance of common shares in the capital of Pond ("Shares"). Under the terms of the agreement, Cross Pond will be issued 167,783 Shares as payment for $78,858 of advisory fees owed, which amount reflects the TSXV closing trading price per Share of $0.47 on January 23, 2020.
The issuance of the Shares remains subject to the approval of the TSXV. The Shares issued will be subject to a statutory hold period which will expire in four months and one day from the date of issuance.
The agreement enables Pond to preserve cash and reflects Cross Pond's continued commitment to Pond.
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/.
Neither the 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.