Core Viewpoint - CubicFarm Systems Corp. has successfully closed the first tranche of its non-brokered private placement, raising approximately C$2,500,000 by issuing 8,340,781 units at a price of C$0.30 per unit [1][3]. Group 1: Private Placement Details - The company plans to issue a total of up to 9,000,000 units at a price of C$0.30 per unit, aiming for gross proceeds of up to C$2,700,000 [2]. - Each unit consists of one common share and one common share purchase warrant, with the warrant allowing the holder to acquire one common share at an exercise price of C$0.50 for 12 months [2]. - The second tranche of the private placement is expected to close by March 31, 2025, for gross proceeds of approximately C$200,000 [3]. Group 2: Use of Proceeds and Restrictions - Proceeds from the private placement will be used for general working capital and corporate purposes [4]. - The securities from the first tranche are subject to a four-month transfer restriction, expiring on July 25, 2025, along with other applicable securities law restrictions [4]. Group 3: Company Overview - CubicFarms is a leading local chain agricultural technology company focused on developing technology to enhance food production and sustainability [10]. - The company’s proprietary ag-tech solutions enable the production of high-quality, predictable produce and fresh livestock feed, contributing to a localized food supply [10].
CubicFarm Systems Corp. Announces Closing of First Tranche of Private Placement