CubicFarms Announces USD$1,500,000 Private Placement
VANCOUVER, B.C., April 5, 2021 — 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. LLLPhas 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.
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, 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.