Pond Technologies (TSXV: POND) this morning indicated it is looking to complete a small financing to fund its operations. The financing is being conducted at a premium to current market prices, with significant insider participation also set to occur.
The financing will see the firm raise up to $1.0 million, with common shares to be sold at a price of $0.15 per each. A total of 6.7 million shares are expected to be issued under the offering. Notably, the financing is occurring at a 15% premium to the previous closing price of the equity, with no warrant being offered with the raise.
Chief Operating Officer Dan O’Connor is expected to take down a significant portion of the financing, with $500,000 being committed by insiders, which is to be lead by O’Connor Holdings Limited, an entity controlled by him.
O’Connor was recently appointed to the role, having previously worked in the cannabis sector where he served as a consultant in business development.
Pond Technologies last traded at $0.13 on the TSX Venture.
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