CubicFarms Announces Shares for Debt Transaction
VANCOUVER, B.C., May 3, 2021 – CubicFarm® Systems Corp. (TSXV:CUB) (“CubicFarms” or the “Company”), a local chain agricultural technology company, today announced that it has entered into an agreement with a third party creditor (the “Creditor”) with respect to the settlement of $200,000 of debt through the issuance of common shares of the Company (the “Debt Settlement”). Pursuant to the Debt Settlement, the Company will issue 128,205common shares of the Company (the “Shares”)at a deemed price of $1.56 per Share.
The issuance of the Shares to the Creditor is subject to the approval of the TSX Venture Exchange. The Shares issued will be subject to a four month hold period.
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
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. This news release may contain forward-looking statements which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties including the Company obtaining approval of the Debt Settlement from the TSX Venture Exchange. 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.