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The Promissory Note replaces and supersedes the original promissory note in the principal amount of $2,000,000 CAD issued by Pond to the Lender on Nov. 15, 2019. The new Promissory Note has the following material attributes:
Robert McLeese currently beneficially owns or controls, indirectly, 5,851,145 (12.34%) of the issued and outstanding common shares of Pond.
Implications Going Forward
Located in Markham, Ontario, Pond is a technology leader in the controlled environment cultivation of microalgae. In over 10 years of R&D, Pond has developed a robust disruptive technology platform based on artificial intelligence, proprietary LED lights and patented carbon dioxide management. Pond uses CO2 to grow various forms of algae in just a few days, ready for processing and eventual transformation into marketable products.
Pond’s amended and restated convertible note puts it in a far more comfortable position to cater towards these many verticals. Grant Smith, president and CEO at Pond, put in the following comments about the change:
“The term and lowering of the interest rate further stabilize Pond's debt servicing expenses in the midst of our ongoing momentum within the business. We continue to see our sales pipeline grow as international organizations across a myriad of different industries continue to be impressed with our vertically integrated model, and we look forward to progressing on our commercialization efforts."
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