VANCOUVER, BC, May 3, 2021 /CNW/ - CubicFarm® Systems
Corp. (TSXV: CUB) ("CubicFarms" or the "Company"), a local
chain agricultural technology company, today announced that it has
entered into an agreement with a third party creditor (the
"Creditor") with respect to the settlement of $200,000 of debt through the issuance of common
shares of the Company (the "Debt Settlement"). Pursuant to the Debt
Settlement, the Company will issue 128,205 common shares of
the Company (the "Shares") at a deemed price of
$1.56 per Share.
The issuance of the Shares to the Creditor is subject to the
approval of the TSX Venture Exchange. The Shares issued will be
subject to a four month hold period.
About CubicFarms
CubicFarms is a 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 www.cubicfarms.com.
On behalf of the Board of Directors
"Dave Dinesen"
Dave Dinesen, Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. This news release may contain
forward-looking statements which include, but are not limited to,
comments that involve future events and conditions, which are
subject to various risks and uncertainties including the Company
obtaining approval of the Debt Settlement from the TSX Venture
Exchange. Forward-looking statements are not guarantees of future
performance and actual results may vary materially from those
statements. General business conditions are factors that could
cause actual results to vary materially from forward-looking
statements.
SOURCE CubicFarm Systems Corp.