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CubicFarm Systems Announces Closing of Public Share Offering of USD $1 Million, Net Proceeds to Be Used for Debt Reduction
Wednesday, January 4, 2023Company Profile | Follow Company
Langley, BC, January 4, 2023--(T-Net)--CubicFarm Systems Corp. (TSX: CUB), announced that it has completed the closing of 21,428,570 Units at a price of CAD$0.063 per Unit for gross proceeds of USD $1 million.
The net proceeds from the issuance of the Units will be used for debt reduction purposes as is more fully described in the offering document, Form 45-106F19, that can be accessed under the Company's profile at www.sedar.com and here.
About HydroGreen and CubicFarms
HydroGreen's Automated Vertical Pastures™ technology produces high-energy fresh forage at commercial scale 365 days a year using a unique process to sprout grains, such as barley and wheat, in a controlled environment with minimal use of land, labour, and water. Automated Vertical Pastures™ not only provides a superior nutritious feed to benefit the animal, improving feed efficiency, cow health, nutrition, and performance outcomes, but also enables significant environmental benefits to the farm while helping to meet increasing demand for valuable farm-based inset and offset carbon credits.
CubicFarms is a leading agricultural technology company developing and deploying proprietary ag-tech technologies to enable growers to produce high quality, predictable produce and fresh livestock feed with HydroGreen Nutrition Technology, a division of CubicFarm Systems Corp. The CubicFarms™ system contains patented technology for growing leafy greens and other crops on-site, indoors, year-round.
The offering was pursuant to the listed issuer financing exemption under Part 5A of National Instrument NI 45-106 - Prospectus Exemptions.
Each Unit shall be comprised of one common share ("Common Share") in the capital of the Company and one Common Share purchase warrant ("Warrant") of the Company. Each Warrant shall entitle the holder thereof to acquire one additional Common Share at a price of $0.078 for a period of two (2) years from the closing date of the Offering.
As a result, there are currently 207,136,774 issued and outstanding Common Shares.
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This release may contain certain "forward-looking statements" or "forward-looking information" under applicable securities laws. Forward-looking terms such as "may," "will," "could," "should," "would," "plan," "potential," "intend," "anticipate," "project," "target," "believe," "plan," "outlook," "estimate," or "expect" and other words, terms and phrases of similar nature are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are based on certain key expectations and assumptions made by the Company. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. [ MORE ] |
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