Pond Technologies (TSXV: POND) is now cashed up and ready to begin to execute on its business strategy. The ESG-focused firm last night announced the closing of its second and final tranche of a non-brokered private placement.
The second tranche saw the company issue a total of 3.42 million shares at a price of $0.20 per each, and follows the first tranche which closed on March 2. That round saw a total of 5.5 million shares issued under the same terms.
Collectively, the firm raised a total of $1.8 million via the two tranches. Insider participation meanwhile amounted to $210,000 of the total financing, which was lead by Colmac Holdings, a firm controlled by Chairman Robert McLeese. Other participants include the firms CEO Grant Smith, as well as CFO Thomas Masney.
Commenting on the initial closing, Grant Smith, CEO, stated, “Pond is at a critical juncture, with our business seeing strong momentum led by our differentiated carbon capture and algae growth platform. We are working towards continued commercialization of the technology, including exploring global partnership opportunities to help us further our strategic goals at an accelerated pace.”
Proceeds from the financing are to be used for general working capital purposes, which includes the continued development of projects within the food and energy sectors.
Pond Technologies last traded at $0.24 on the TSX Venture.
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