For gross revenues of USD$1 million, CubicFarm Systems organized an offering of units at a price of CAD$0.063 per unit. One common share in the company’s capital and one common share purchase warrant shall each constitute a unit. According to applicable Canadian securities legislation, units provided under the Listed Issuer Financing Exemption will not be subject to resale limitations. Debt reduction is the intended use of the net revenues from the issuing of the Units.
The Company has completed the closing of the previously announced offering of units by issuing a total of 21,428,570 Units at a price of CAD$0.063 per Unit for the gross proceeds of USD$1 million. Each Unit shall be comprised of one common share in the capital of the Company and one Common Share purchase warrant. The company mentioned that each warrant shall entitle the holder thereof to acquire one additional Common Share at a price of $0.078 for a period of 2 years from the closing date of the offering.
Earlier this month, the company announced the sale of 12 CubicFarms machines for $ 1,955,000 USD to a customer in Jiangsu, China. The sale includes 12 CubicFarms machines, a propagator, and an irrigation system.
“As a Company, we have been completely focused on controlled expansion where there is demand for our products,” said Daniel Burns, Chair of the Board of Directors and Special Committee of Cubic Farm Systems Corp. “We are happy to announce this sale to our client in China and are certain that demand for our on-site ag-tech solutions will remain high both domestically and abroad.”