Vancouver, British Columbia--(Newsfile Corp. - April 24, 2024) - CubicFarm® Systems Corp. (TSXV: CUB) ("CubicFarms" or the "Company"), a leading local chain agricultural technology company, today announced that it terminated its agreement (the "Agreement") for the provision of financial advisory and investor relations services with Planet Ventures Inc. ("PVI").
Pursuant to a private placement of common shares units that the Company closed on March 15, 2023 (the "Private Placement"), PVI subscribed for 1,550,000 units of the Company, as further described in the Company's news release dated March 18, 2024, at an issue price of $0.20 per unit for aggregate gross proceeds of $310,000 (the "Subscription Price"). PVI paid the Subscription Price to the Company on March 13, 2024. Under the Agreement, which was made on March 15, 2024, the Company paid PVI an upfront fee of $200,000 + GST (the "Upfront Fee") in compensation for the services under the Agreement to be provided from April 2, 2024 to April 30, 2025.
The Company terminated the Agreement on April 12, 2024 as it was not approved by the TSX Venture Exchange due to the payment of the Upfront Fee and PVI's participation in the Company's Private Placement. PVI has refunded the full amount of the Upfront Fee to the Company.
About HydroGreen
HydroGreen's Automated Vertical Pastures™ technology utilizes a unique process to sprout grains, such as barley and wheat, in a controlled environment with minimal use of land, labour and water. HydroGreen's fully automated indoor growing technology performs all growing functions including seeding, watering, lighting, harvesting, and re-seeding-all with the push of a button-to deliver nutritious fresh forage for livestock without the typical investment in fertilizer, chemicals, fuel, field equipment, and transportation. Automated Vertical Pastures™ not only provide superior nutritious feed to benefit the animal but also enable significant environmental benefits to the farm.
About CubicFarms
CubicFarms is a leading 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 https://cubicfarms.com.
Contact [email protected] for media or [email protected] for investor inquiries.
Forward-Looking and other cautionary statements
Certain statements in this release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws. Such statements involve known and unknown risks, uncertainties, and other factors and assumptions which may cause the actual results, performance, or achievements of CubicFarm Systems Corp., or industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements or information including, without limitation, the risk of the Company not obtaining the Management CTO or file the Required Filing on time and the other factors disclosed under "Risk Factors" in the Company's annual information form for the year ended December 31, 2022, and those risks described in other documents incorporated or deemed to be incorporated by reference in the prospectus. Such statements can be identified by the use of words such as "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict", and other similar terminology, or state that certain actions, events, or results "may", "can", "could", "would", "might", or "will" be taken, occur, or be achieved.
These statements reflect the Company's current expectations regarding future events, performance, and results and speak only as of the date of this news release. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except as required by securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if the Company's expectations regarding future events, performance, or results change.
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