- CubicFarm Systems (CUB) has closed its overnight marketed public offering of units for gross proceeds of $2,801,350
- Canaccord Genuity Corp. and Raymond James Ltd. acted as joint bookrunners and co-lead agents for the offering
- The company issued 56,027,000 units at $0.05 per unit
- CubicFarms is an ag-tech company providing automated growing systems for fresh produce and animal feed
- CubicFarm Systems Corp. (CUB) opened trading at C$0.045 per share
CubicFarm Systems (CUB) has closed its overnight marketed public offering of units for gross proceeds of $2,801,350.
Canaccord Genuity Corp. and Raymond James Ltd. acted as joint bookrunners and co-lead agents for the offering.
The company issued 56,027,000 units at $0.05 per unit. It includes 10,261,000 units issued to reduce working capital obligations of the company for $513,050 in payables (Debt-for-Equity Swap).
Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to acquire one additional common share at $0.10 for 36 months from the closing date.
In connection to the offering, the company paid 6 per cent cash commission and issued 3,061,620 non-transferable compensation warrants to the co-lead agents. Each compensation warrant is exercisable into one common share at the offering price for 36 months from the closing date.
The company plans to use the net proceeds for settlement of debt, working capital obligations, and general corporate purposes.
Jerry Li, President of CubicFarm Systems (Shanghai) Corp., a wholly owned subsidiary of the company, subscribed for 5,000,000 units for total consideration of C$250,000.00. It represents a total of 10,000,000 common shares issuable to Mr. Li which is approximately 4.8 per cent of the currently issued and outstanding shares of the company.
About CubicFarms
CubicFarms is an ag-tech company providing automated growing systems for fresh produce and animal feed. The CubicFarms system contains patented technology for growing leafy greens and other crops onsite, indoors, all year round. It aims to provide an efficient, localized food supply solution that benefits people, planet, and economy.
CubicFarm Systems Corp. (CUB) opened trading at C$0.045 per share.