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May 26, 2021, Vancouver, British Columbia (GLOBE NEWSWIRE)- CubicFarm®Systems Corp. (Toronto Stock Exchange:cub) (A local chain agricultural technology company) (“CubicFarms” or “Company”) today announced that it has reached an agreement on behalf of the underwriter group with Raymond James Ltd. as the exclusive bookrunner. “), pursuant to which, the underwriter has agreed to purchase 14,814,815 common shares (“common shares”) of the company at the price of a “purchase transaction” at a price of $1.35 per common share (“issue price”). The total amount of funds is approximately 20 million Canadian dollars (hereinafter referred to as the “Offer”).
The company has agreed to grant an over-allotment option to the underwriters, who can purchase up to 15% of the ordinary shares at the issue price, and can exercise all or part of the shares at any time within 30 days after the issuance is completed.
The net proceeds from the sale will be used to further expand the company’s research and development (“R&D”) work and support working capital and other general corporate purposes.
Ordinary shares will be sold in accordance with the basic form of the basic prospectus (hereinafter referred to as the “Basic Prospectus”) revised on April 20, 2021, dated December 14, 2020, and will be accompanied by a ready-made prospectus supplement. The “Supplement” (hereinafter referred to as the “Supplement”) will be prepared and submitted in each province of Canada (except Quebec) (collectively referred to as the “jurisdictions”), and will be prepared and submitted through private placement in the United States and judicial The jurisdiction prepares and archives. With the consent of the company and the underwriter, ordinary shares can be issued by private placement, exempting any prospectus, registration or other similar requirements.
The issuance is expected to be completed around June 3, 2021, and is subject to certain conditions, including but not limited to receiving all necessary approvals, including TSX Venture Exchange approval.
The securities have not been and will not be registered under the U.S. Securities Act of 1933 (as amended) (hereinafter referred to as the “U.S. Securities Act”) or any U.S. state securities laws, and may not be issued or sold in the United States. There is no need to register under the U.S. Securities Act and all applicable state securities laws, nor to comply with applicable exemptions. This press release does not constitute an offer to sell or an invitation to buy securities in the United States, and the sale of these securities is not allowed in any jurisdiction where the offer, invitation or sale is not legal.
About Cube Farm
CubicFarms is a local chain agricultural technology company dedicated to developing and deploying technologies to adapt to the ever-changing world. Its proprietary agricultural technology solutions allow growers to use HydroGreen Nutrition Technology, a division of CubicFarm Systems Corp., to produce high-quality, predictable products and fresh livestock feed. The CubicFarms™ system contains patented technology to grow leafy vegetables and other crops indoors, indoors and everywhere. Perennial. CubicFarms provides effective, localized food supply solutions that benefit our people, the planet and the economy.
For more information, please visit www.cubicfarms.com.
Representative board
“Dave Dineson”
CEO Dave Dinesen
Forward-looking and other cautionary statements
Certain statements in this press release constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws, including but not limited to statements regarding: the use of proceeds from the offering; the jurisdiction in which the offering will be made ; Supplement; End of sale; And the company’s products. Such statements involve known and unknown risks, uncertainties and other factors that may cause CubicFarm Systems Corp.’s actual results, performance or achievements or industry results to be materially different from any expressed or implied future results, performance or achievements. Such forward-looking statements or information, including the company’s approval of the issuance offer from TSX Venture Exchange, and other factors disclosed under “Risk Factors” in the company’s annual information sheet for the year ended December 31, 2020, have been included in The inherent prospectus is provided by reference, and those risks described in other documents have been incorporated in the prospectus or deemed to be incorporated by reference. Such statements can be identified by using words such as “intend”, “expect”, “believe”, “plan”, “anticipate”, “estimate”, “planned”, “forecast”, “forecast”, etc. Similar terminology, or a statement that certain actions, events or results are “may”, “may”, “may”, “will”, “may” or “will” be taken, occurred or realized.
These statements reflect the company’s current expectations for future events, performance and results, and represent only the situation as of the date of this news release. Therefore, there is no guarantee that such statements will prove to be accurate, and actual results and future events may differ materially from the expectations in such statements. In addition to the securities disclosure laws and regulations applicable to the company, if the company’s expectations of future events, performance or results change, the company does not undertake the obligation to update these forward-looking statements.
Neither TSX VENTURE EXCHANGE nor its regulatory service providers (as the term is defined in the policies of TSX VENTURE EXCHANGE) are not responsible for the adequacy or accuracy of this press release.
Media contact:
Andrea Maggie
Phone: 236.885.7608
E: andrea.magee@cubicfarms.com
Investor contact information:
Tom Liston
Phone: 416.721.9531
E: tom.liston@cubicfarms.com
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