VANCOUVER, BC, Dec. 19,
2022 /CNW/ - CubicFarm® Systems Corp.
("CubicFarms" or the "Company") (TSX: CUB), is pleased to
announce that it has completed the closing of the previously
announced offering of units (each, a "Unit") by issuing a
total of 21,428,570 Units at a price of CAD$0.063 per Unit for the gross proceeds of
USD$1 million (the
"Offering"), 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.
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 on the Company's website at
www.cubicfarms.com.
About HydroGreen
HydroGreen's Automated Vertical Pastures™ technology utilizes a
unique process to sprout grains, such as barley and wheat, in a
controlled environment with minimal use of land, labour and water.
HydroGreen's fully automated indoor growing technology performs all
growing functions including seeding, watering, lighting,
harvesting, and re-seeding—all with the push of a button—to deliver
nutritious fresh forage for livestock without the typical
investment in fertilizer, chemicals, fuel, field equipment, and
transportation. Automated Vertical Pastures™ not only provide
superior nutritious feed to benefit the animal but also enable
significant environmental benefits to the farm.
About CubicFarms
CubicFarms is a leading local chain agricultural technology
company developing and deploying technology to feed a changing
world. Its proprietary ag-tech solutions 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 onsite, indoors, all year
round. CubicFarms provides an efficient, localized food supply
solution that benefits our people, planet, and economy.
For more information, please visit www.cubicfarms.com.
Forward looking and other cautionary
statements
Certain statements in this release constitute
"forward-looking statements" or "forward-looking information"
within the meaning of applicable securities laws, including,
without limitation, statements with respect to the use of proceeds
from the Offering. Such statements involve known and unknown risks,
uncertainties, and other factors which may cause the actual
results, performance, or achievements of the Company, or industry
results, to be materially different from any future results,
performance, or achievements expressed or implied by such
forward-looking statements or information and the other factors
disclosed under "Risk Factors" in the Company's annual information
form for the year ended December 31,
2021. Such statements can be identified by the use of words
such as "intend", "expect", "believe", "plan", "anticipate",
"estimate", "scheduled", "forecast", "predict", and other similar
terminology, or state that certain actions, events, or results
"may", "can", "could", "would", "might", or "will" be taken, occur,
or be achieved.
These statements reflect the Company's current expectations
regarding future events, performance, and results and speak only as
of the date of this news release. Consequently, there can be no
assurances that such statements will prove to be accurate and
actual results and future events could differ materially from those
anticipated in such statements. Except as required by securities
disclosure laws and regulations applicable to the Company, the
Company undertakes no obligation to update these forward-looking
statements if the Company's expectations regarding future events,
performance, or results change.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of any
of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful, including any of the
securities in the United States of
America. The securities have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the "1933 Act") or any state securities laws and may not
be offered or sold within the United
States or to, or for account or benefit of, U.S. Persons (as
defined in Regulation S under the 1933 Act) unless registered under
the 1933 Act and applicable state securities laws, or an exemption
from such registration requirements is available.
SOURCE CubicFarm Systems Corp.