Pond Technologies closes first tranche of private placement

In Canada, Pond Technologies Holdings Inc. announced the closing of the first tranche of a non-brokered private placement of 5,500,000 common shares of Pond at a purchase price of C$0.20 per Common Share for aggregate gross proceeds of C$1,100,000. No warrants will be issued pursuant to the Private Placement.

The second tranche of the Private Placement, for additional proceeds of up to C$500,000, is expected to close on or about March 11, 2022. Net proceeds of the Private Placement will be used by Pond for general working capital purposes.

The TSX Venture Exchange (“TSXV”) has conditionally accepted the Private Placement, requiring Pond to close all tranches under the Private Placement and to satisfy the TSXV’s final acceptance requirements by no later than March 28, 2022.