Pond Technologies Announces Settlement of Crystal Wealth Loan and Upsize of Private Placement to $8 Million Secured Convertible Debentures

MARKHAM, ON, Nov. 3, 2023 /CNW/ - Pond Technologies Holdings Inc. ("Pond") (TSXV: POND) (OTCQB: PNDHF) (FSE: 4O0), an ESG company addressing global sustainability challenges of wellness and climate change, is pleased to announce that, further to its press releases dated June 6, 2023 and October 2, 2023, pursuant to a settlement agreement dated October 5, 2023, between its subsidiary, Pond Technologies Inc., and Grant Thornton Limited, in its capacity as court-appointed receiver and manager of Crystal Wealth Management System Limited, Pond has now settled in full all of its obligations owing under the Crystal Wealth loan. The loan was settled on favourable terms by payment of $1.2 million, funded by a short-term advance provided to Pond from Colmac Holdings Limited (an entity controlled by Pond's Chairman, Mr. Robert McLeese). Such advance is intended to be repaid from the proceeds of Pond's previously announced private placement (the "Private Placement") of convertible debentures (the "Convertible Debentures").