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.
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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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