VANCOUVER, BC, April 5, 2021 /CNW/ - CubicFarm® Systems
Corp. (TSXV: CUB) ("CubicFarms" or the "Company"), a local
chain agricultural technology company, today announced that
pursuant to a non-brokered private placement (the "Private
Placement") Burnett Land & Livestock, Ltd. LLLP has agreed
to purchase 1,464,622 common shares of the Company at a purchase
price of CAD$1.29 per common share
for gross proceeds of USD$1,500,000
(approximately CAD$1,886,437).
Burnett Land & Livestock, Ltd., LLLP is a strategic investor
to CubicFarms interested in further advancing the HydroGreen
technology and is a large US-based beef cattle rancher and dairy
farmer with over 17,000 cattle located on 35,000 acres.
The Company intends to use the proceeds of the Private Placement
for advancing the research and development for HydroGreen and for
general working capital purposes.
Closing of the Private Placement is subject to approval of the
TSX Venture Exchange.
About CubicFarms
CubicFarms is a 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.
On behalf of the Board of Directors,
CubicFarm Systems Corp.
"Dave Dinesen"
Dave Dinesen, Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Statement on Forward-looking Information
Certain statements in this release may constitute
"forward-looking statements" or "forward-looking information"
within the meaning of applicable securities laws including, but not
limited to the completion of the proposed Private Placement, the
anticipated use of proceeds, and other information concerning
future events or the intentions, plans and future action of the
Company that may be described herein. Forward-looking
statements are not guarantees of future performance and actual
results may vary materially from those statements. General business
conditions are factors that could cause actual results to vary
materially from forward-looking statements.
SOURCE CubicFarm Systems Corp.